Expense and Revenue Accounts Can Be Considered to Be Subcategories

question 61

Multiple Choice

Expense and revenue accounts can be considered to be subcategories of

• A) An asset account
• B) A liability account
• C) An owners' equity account
• D) None of these are correct

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Definitions:

Government Agency

An organization operated by the government to execute specific functions or provide services to the public.

CPI

The Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, used as an indicator of inflation.

Price Level

An index that measures the average prices of goods and services in an economy over a period of time.

Given Up

The cost of forgoing the next best alternative when making a decision, also known as opportunity cost.