Which of the Following Is Classified as an Asset Account

question 141

Multiple Choice

Which of the following is classified as an asset account?

• A) Prepaid Insurance
• B) Notes Payable
• C) Owner, Withdrawals
• D) Unearned Revenue

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Definitions:

Absolute Advantage

The capability of one entity to produce more of a good, product, or service with the same amount of resources than another.

Sweatshop Labor

Work done in very poor conditions for low pay, often in factories that make fast fashion, electronics, and other consumer goods.

Pauper Labor Fallacy

The incorrect belief that importing goods from countries with lower wage levels harms the economy of the importing country.

Opportunity Cost

Giving up the chance for gain from multiple possibilities by choosing a specific alternative.