Which of the Following Is an Asset Account

question 9

Multiple Choice

Which of the following is an asset account?

• A)Salaries Expense
• B)Accounts Payable
• C)Service Revenue
• D)Prepaid Expense

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Definitions:

Contingent Liability

A future financial liability that could arise based on the result of a certain event.

Payroll Register

A detailed document recording the payroll information of all the employees in a company, including wages, deductions, and net pay for each pay period.

Net Pay

The amount of an employee's earnings after all deductions, such as taxes and retirement contributions, have been subtracted.

Promissory Note

A financial instrument that contains a written promise by one party to pay another a definite sum of money either on demand or at a specified future date.