Which of the Following Is a Liability Account

question 52

Multiple Choice

Which of the following is a liability account?

• A)Service Revenue
• B)Building
• C)Accounts Receivable
• D)Unearned Revenue

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Definitions:

Comparative Advantage

The ability of a country or firm to produce a particular good or service at a lower opportunity cost than its competitors, leading to more efficient trade and production patterns.

Absolute Advantage

A situation in which a country, individual, or company can produce a particular good or service more efficiently than another party, using the same amount of resources.

Trade

Trade involves the exchange of goods, services, or both between parties, which can be at the domestic or international level, fostering economic interaction and integration.

Opportunity Cost

The potential benefits an individual, investor, or business misses out on when choosing one alternative over another.