A Journal Entry Contains a Debit to a Liability Account

question 83

Multiple Choice

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

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

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Definitions:

Issuing Bank Notes

The process by which a central bank or monetary authority prints and distributes the national currency, which serves as legal tender.

Reserve Requirements

Central bank regulations that set the minimum amount of reserves that must be held by a commercial bank, affecting the bank's ability to lend.

Board of Governors

An executive committee or oversight body responsible for setting policies and managing the affairs of an organization, such as a central bank or educational institution.

Bank Acts

Bank Acts are laws and regulations that govern the operations, establishment, and oversight of banks, aiming to ensure their stability and integrity.