Which of the Following Is NOT a Balance Sheet Account

question 125

Multiple Choice

Which of the following is NOT a balance sheet account?

• A) Unearned Revenue
• B) Prepaid Rent
• C) Accumulated Depreciation - Building
• D) Owner, Withdrawals

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Definitions:

Chapter 7 Bankruptcy

A provision of the bankruptcy code that allows for the liquidation of a debtor's assets to pay off creditors; often referred to as straight or liquidation bankruptcy.

Secured Party

An individual or entity that has an interest, often provided by a security agreement, in the personal property of a debtor, which provides security for payment or performance of an obligation.

Collateral

Collateral refers to properties or assets that a borrower offers to a lender as security for a loan, which can be confiscated if the borrower fails to repay.

Debtor's Default

A situation where a debtor fails to meet the legal obligations of a loan, such as not making scheduled payments.