Identify the Correct Classification for the Following Four Ledger Accounts

question 15

Multiple Choice

Identify the correct classification for the following four ledger accounts:

• A) 1 expense, 2 expense, 3 asset, 4 expense.
• B) 1 expense, 2 liability, 3 revenue, 4 liability.
• C) 1 asset, 2 liability, 3 revenue, 4 liability.
• D) 1 asset, 2 liability, 3 asset, 4 liability.

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Definitions:

United States

A country in North America, consisting of 50 states and a federal district, known for its significant global economic and cultural influence.

Wealth Distribution

The comparative analysis of the distribution of assets among individuals or groups within a society or economy.

Income Inequality

The uneven distribution of income among individuals in an economy, reflecting varying levels of wealth, wage, and earning disparities.

United States

A country in North America consisting of 50 states and a federal district, known for its economic and military power.