A Journal Entry Contains a Debit to an Expense Account

question 43

Multiple Choice

A journal entry contains a debit to an expense account and a credit to an asset account. This is an example of an) :

• A)accrued revenue.
• B)deferred expense.
• C)deferred revenue.
• D)accrued expense.

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Definitions:

Meritocracy

A system where individuals' success and social standing are based on their talents, effort, and achievements, rather than on wealth or social class.

Social Status

An individual’s position within the class structure.

Class Structure

A society’s economic hierarchy that categorizes groups of people based on their socioeconomic status.

Social Constructions

Theories or concepts that suggest that the realities of the world are not inherent, but are constructed by social processes, shaped by cultural and historical contexts.