Identify Each of the Following Accounts as a Revenue (R),expense

question 198

Essay

Identify each of the following accounts as a revenue (R),expense (E),asset (A),liability (L),or equity (SE)by placing initials (R,E,A,L or SE)in the blanks.
____ 1.Salary Expense
____ 2.Cash
____ 3.Equipment
____ 4.Common Stock
____ 5.Fees Revenue
____ 6.Accounts Receivable
____ 7.Accounts Payable
____ 8.Dividends
____ 9.Supplies
____ 10.Unearned Revenue
____ 11.Prepaid Insurance
____ 12.Office Furniture

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Definitions:

Output Decreasing

A situation where the quantity of goods or services produced by an economy or firm is reducing over time.

Marginal Revenue

The additional income earned by selling one more unit of a good or service, crucial for determining optimal output levels.

Total Costs

The sum of all expenses associated with the production and delivery of goods or services, encompassing both fixed and variable costs.

Average Total Cost

This refers to the total cost of production divided by the number of units produced, inclusive of fixed and variable costs.