Which of the Following Accounts Would Appear in the Income

question 65

Multiple Choice

Which of the following accounts would appear in the Income statement debit column?

• A)Unearned service revenue
• B)Prepaid insurance
• C)Service revenue
• D)Depreciation expense

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Definitions:

Opportunity Cost

The value of the best alternative that must be forgone when making a choice.

Chocolate Truffle

A type of chocolate confectionery, traditionally made with a chocolate ganache center coated in chocolate, cocoa powder, or chopped toasted nuts.

Absolute Advantage

The ability of an individual, company, or country to produce a good or service more efficiently than its competitors with the same amount of resources.

World Production

encompasses the total output of goods and services by all economies across the globe over a specific period.