Match Each of the Following Accounts with Its Proper Account

question 187

Multiple Choice

Match each of the following accounts with its proper account group from the groups listed below.
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-Patents

• A)Assets
• B)Liabilities
• C)Owner's Equity
• D)Revenue
• E)Expenses

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Definitions:

Carrying Amount

The net value of an asset or liability according to a company's balance sheet.

Supplies Used

Expenses related to consumable items used in the operation of a business.

Supplies Account

An account used to track the cost of supplies not immediately consumed by the business, often classified as a current asset.

Insurance Expense

Costs incurred by a business or individual for purchasing insurance coverage, considered an operating expense in accounting.