Which of the Following Accounts Probably Would Be Listed After

question 74

Multiple Choice

Which of the following accounts probably would be listed after the others in a chart of accounts?

• A) Unearned Art Fees
• B) Prepaid Rent
• C) Retained Earnings
• D) Art Fees Earned

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Definitions:

Adjusting Entries

Bookkeeping entries executed at the termination of a financial period for the purpose of apportioning earnings and expenses to the actual period they took place.

Balance Sheet Accounts

Accounts appearing on the balance sheet, representing a company's assets, liabilities, and equity at a specific point in time.

Income Statement Accounts

Accounts that reflect income, expenses, gains, and losses, which are used to determine the net income of a business.

Deferred Revenue

Income received by a company for products or services yet to be delivered or completed, considered a liability until the revenue is earned.