Identify the Statement Below That Is Correct

question 32

Multiple Choice

Identify the statement below that is correct.

• A)When a future expense is paid in advance,the payment is normally recorded in a liability account called Prepaid Expense.
• B)Promises of future payment by the customer are called accounts receivable.
• C)Increases and decreases in cash are always recorded in the common stock account.
• D)An account called Land is commonly used to record increases and decreases in both the land and buildings owned by a business.
• E)Accrued liabilities include accounts receivable.

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Definitions:

Undo Button

A feature in software applications that allows users to reverse their last action or a series of actions.

Redo Button

A feature in software applications that reverses the last undo action, restoring any changes that were previously undone.

Mini Toolbar

A small, context-sensitive toolbar that appears near a selected item or text in certain software to provide quick access to common functions.

File Tab

A component of the Microsoft Office Ribbon interface that gives access to file-related commands, such as open, save, close, and print.