Customers' Accounts with Credit Balances Should Be Disclosed as A(n)

question 145

Multiple Choice

Customers' accounts with credit balances should be disclosed as a(n)

• A) expense on the income statement.
• B) current liability on the balance sheet.
• C) offset to Accounts Receivable on the asset side of the balance sheet.
• D) note to the financial statements.

---

Definitions:

Scandinavian Countries

Refers to the group of countries in Northern Europe consisting of Denmark, Sweden, Norway, Finland, and Iceland, known for their high quality of life and social welfare systems.

Professionalization

The process of developing or elevating an occupation to a status requiring specialized knowledge and often formal qualification.

Credentials

Qualifications, achievements, personal qualities, or aspects of a person's background, typically used to indicate their suitability for something.

Occupation

A person's chosen or main vocation, job, or employment, often tied to their identity, skills, and economic livelihood.