Which of the Following Are Classified as Equity Accounts on a Balance

question 47

Multiple Choice

Which of the following are classified as equity accounts on a balance sheet?I. goodwill
II. paid in capital
III. net income
IV. retained earnings

• A)IV only
• B)I and III only
• C)II and IV only
• D)I, II, and IV only
• E)II, III, and IV only

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Definitions:

Philosophers and Scientists

Individuals engaged in systematic approaches to understanding the world; philosophers explore fundamental questions about existence, knowledge, and ethics, while scientists focus on empirical evidence and testable theories.

Conventions

General agreement about terms and/or practices.

Interpretation

A way of understanding, a view of a set of facts, from a certain perspective.

Universal Causality

The philosophical concept that every event or action results from preceding events in accordance with the laws of nature.