The Type of Account and Normal Balance of Unearned Fees

question 173

Multiple Choice

The type of account and normal balance of Unearned Fees is

• A) revenue, credit
• B) expense, debit
• C) liability, credit
• D) liability, debit

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Definitions:

Variable Cost

Expenses that change in proportion to the activity of a business, such as costs for raw materials or production inputs.

Experiment

A scientific procedure undertaken to test a hypothesis, discover unknown effects, or demonstrate a known fact, usually under controlled conditions.

Business Practices

Established methods, protocols, or procedures followed by an organization in the conduct of its business.

Financial Information

Refers to data related to the financial performance, position, and cash flows of a business, including income statements, balance sheets, and statements of cash flows.