Which of the Following Accounts Would Appear in the Balance

question 64

Multiple Choice

Which of the following accounts would appear in the balance sheet credit column of the worksheet?

• A) Prepaid Insurance
• B) Buildings
• C) Unearned Revenue
• D) Service Revenue

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Definitions:

Capital Expenditures Budget

A plan that details a company's projected spending on long-term assets, such as property, plant, and equipment, which are expected to provide benefits over multiple years.

Merchandise Purchases Budget

A financial plan detailing the amount of goods a company needs to purchase during a period to meet expected sales demands and maintain inventory levels.

Master Budget

An aggregated budget that represents a company's overall plan of action for a specified period, integrating individual budgets for income, spending, and capital expenditures.

Master Budget

A comprehensive financial planning document that consolidates all of an organization's individual budgets.