Identify Which of the Following Accounts Appear on a Balance

question 197

Multiple Choice

Identify which of the following accounts appear on a balance sheet.

• A) Service revenue
• B) Cash
• C) Common stock
• D) Accounts payable
• E) Rent expense
• F) Supplies
• G) Land

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Definitions:

Supply and Demand

Fundamental economic model based on the idea that the price and quantity of a good or service is determined by the availability (supply) and desire (demand) of that good or service.

Rationing Mechanism

A system used to allocate scarce goods and services using criteria other than price.

Surplus

An excess of supply over demand, resulting in an accumulation of unsold products or unused resources.

Equilibrium Price

The cost at which the amount of a product or service that consumers want to buy matches the amount that producers are willing to sell, resulting in a balanced market situation.