Which of the Following Accounts Is Classified Differently from the Others

question 201

Multiple Choice

Which of the following accounts is classified differently from the others listed?

• A) Accounts Receivable
• B) Retained Earnings
• C) Prepaid Rent
• D) Cash

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Definitions:

Bank Reconciliation

The process of matching and comparing figures from the accounting records against those shown on a bank statement to ensure they are in agreement.

Balance Sheet

A Balance Sheet is a financial statement that provides a snapshot of a company’s assets, liabilities, and shareholders' equity at a specific point in time.

Traditional Format

In financial accounting, this refers to the conventional structure of financial statements that include the balance sheet, income statement, and statement of cash flows.

Debit Memo

A document issued to correct or adjust amounts in previously issued invoices.