Which of the Following Groups of Accounts Contains Only Those

question 147

Multiple Choice

Which of the following groups of accounts contains only those that normally have credit balances?

• A)Accounts Payable,Service Revenue,and Retained Earnings
• B)Cash,Equipment,and Common Stock
• C)Notes Payable,Salaries and Wages Payable,and Rent Expense
• D)Cash,Accounts Receivable,and Retained Earnings

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Definitions:

Prevailing View

The most widely accepted perspective or opinion on a particular issue within a relevant community or field.

Disaffirm

The legal right of a party to reject or annul a contract or agreement, often associated with contracts entered into by minors.

Power of Avoidance

The legal ability to nullify or cancel a contractual agreement or transaction under certain conditions.

Disaffirmance

The legal right of a party to renounce or revoke a contract or agreement, particularly relevant in cases involving minors or instances of fraud.