Identify the Correct Classification for the Following Four Ledger Accounts

question 13

Multiple Choice

Identify the correct classification for the following four ledger accounts in the chart of accounts:

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

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Definitions:

Minimize Costs

Strategies or actions taken to reduce expenses and financial outlays in business operations or personal budgets.

Hochschild

Arlie Russell Hochschild, a sociologist known for her research on emotions, gender roles, and the division of labor in families and workplaces.

Bill Collectors

Individuals or agencies responsible for pursuing the collection of debts owed by individuals or businesses.

Debtors

Individuals or entities that owe money to others, typically arising from borrowing funds to finance activities, purchases, or investments.