Choose from the Following List of Account Titles the One

question 158

Multiple Choice

Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account.An account title may be used more than once or not at all.
-Claims by the owners on the undistributed net income of a business

• A)Cash
• B)Prepaid Asset
• C)Investments
• D)Taxes Payable
• E)Preferred Stock
• F)Accounts Receivable
• G)Land
• H)Accounts Payable
• I)Retained Earnings
• J)Notes Receivable
• K)Buildings
• L)Notes Payable
• M)Common Stock

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Definitions:

Contractual Obligations

Duties that a party is bound to perform as per the terms and conditions specified in a contract.

Ground of Intoxication

A legal justification or defense based on the claim that an individual's actions were significantly impaired due to the influence of alcohol or drugs.

Ratifying the Contract

The act of formally confirming or approving an agreement to make it officially valid.

After Reaching Majority

A legal status attained when an individual has reached the age of majority, which is considered the threshold of adulthood and conveys full legal rights and responsibilities.