Which of the Following Types of Entries Would NOT Usually

question 98

Multiple Choice

Which of the following types of entries would NOT usually be made?

• A) A credit to an asset account, a debit to a liability account
• B) A debit to an asset account, a credit to a liability account
• C) A debit to an asset account, a credit to an owners' equity account
• D) A debit to an asset account, a debit to a liability account

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Definitions:

Revenue Level

The total amount of income generated from the sale of goods or services before any costs or expenses are deducted.

GAAP

The Generally Accepted Accounting Principles represent the framework and specific rules for financial accounting and reporting in the United States, promoting consistency and clarity.

Endowment Fund

A fund established by a donation, where the principal is kept intact and only the investment income is used for the fund's purposes.

Volunteer Hours

The time contributed by individuals who perform tasks or provide services willingly and without financial compensation.