Choose the One Alternative That Best Completes the Statement or Answers

question 293

Multiple Choice

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Definitions:

Expense Account

An account where costs associated with the operations of a business, such as rent, utilities, and salaries, are recorded.

Asset Account

An account that represents a tangible or intangible item of value owned by a company, such as cash, inventory, or equipment.

Revenue Account

An account that records the income earned from normal business operations, such as sales of goods or services.

Liability Account

An account recording a company's debts or obligations arising from past transactions or events.