Which of the Following Accounts Is an Owner's Equity Account

question 65

Multiple Choice

Which of the following accounts is an owner's equity account?

• A) Accrued liability
• B) Accounts payable
• C) Prepaid expense
• D) Capital

Recognize the diversity in assessment tools for different psychological conditions.

Grasp the importance and usage of validity scales in personality assessments.

Understand the role of clinical assessments in therapy, diagnosis, and treatment planning.

Distinguish between different personality theories and their influence on psychological assessments.

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Definitions:

Inventory

The merchandise and supplies a company maintains with the end purpose of selling or manufacturing.

Periodic Inventory System

A method of inventory management where inventory levels and cost of goods sold are updated in the accounting records on a periodic basis, such as monthly or annually.

FIFO Cost Method

An inventory valuation method that assumes goods are sold in the order they were acquired, using the costs of the earliest items first.

Ending Inventory

This is the total value of all inventory still available for sale at the end of an accounting period.