Examlex
Which of the following statements are true? (Choose three)
Debit
An entry recorded on the left side of an account ledger, signifying an increase in assets or expenses or a decrease in liabilities, equity, or income.
Unearned Revenue
The liability created by receiving revenue in advance.
Capital Account
A financial statement account that represents the ownership interests or equity in a company.
Closed
In accounting, this term refers to accounts that have been concluded for a period, typically at the end of an accounting cycle, by transferring their balances to permanent accounts.
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