Identify the Account Below That Is Classified as an Asset

question 230

Multiple Choice

Identify the account below that is classified as an asset account:

• A)Unearned Revenue
• B)Accounts Payable
• C)Supplies
• D)Common Stock
• E)Service Revenue

---

Definitions:

Profit-Maximizing

A firm's objective of adjusting outputs and pricing to achieve the highest possible profit.

Demand Schedule

A table that shows the quantity of a good or service that consumers are willing to buy at each price point.

Total Cost

Represents the complete cost of production, including both fixed and variable costs, for producing a certain amount of goods or services.

Elastic

Describes a situation in which the supply or demand for a good or service is highly responsive to changes in price.