For Each of the Following Accounts, Indicate Whether It Is

question 137

Multiple Choice

For each of the following accounts, indicate whether it is a balance sheet account or an income statement account.
-Cash

• A)Balance sheet account
• B)Income statement account

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Definitions:

Sunk Cost

A past expenditure that cannot be recovered and should not be considered when making future investment decisions.

Nonrefundable

A term used to describe payments or fees that cannot be returned to the payer under most circumstances.

Nontransferable

A characteristic of certain rights or privileges that cannot be legally transferred from one individual or entity to another.

Economic Profit

Economic profit is a measure of performance that includes opportunity costs in addition to traditional accounting profits.