Which of the Following Statements Regarding Account Classification Is True

question 149

Multiple Choice

Which of the following statements regarding account classification is true?

• A)Assets and revenues are the same thing
• B)If employees have not yet been paid for their work,the company has wages payable
• C)Retained earnings equal cash which the company has earned and kept
• D)Revenue is another term for profit
• E)Revenue minus expense equals retained earnings

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Definitions:

Expectations

Beliefs or forecasts about future events or behaviors based on past experiences or societal norms.

Behavior

The behavior or response of people or groups when they encounter stimuli that are either internal or external.

Golem Effect

A psychological phenomenon where lower expectations placed upon individuals lead to poorer performance outcomes, contrasting the Pygmalion effect.

Progress Report

A document or update that outlines the development or state of a project at a certain point in time.