Which of the Following Statements Best Describes the Balance in a Revenue

question 14

Multiple Choice

Which of the following statements best describes the balance in a revenue account at the beginning of an accounting period?

• A)Zero
• B)Last period's ending balance
• C)Higher than the previous period's beginning balance
• D)Equal to the amount of retained earnings for the previous period

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Definitions:

Paperback Novels

Books printed on lower-quality paper with soft covers, typically more affordable and portable than their hardcover counterparts.

Gasoline

A volatile, flammable liquid derived from petroleum, used chiefly as fuel in internal-combustion engines.

Inelastic

Describes a situation where the demand for a good or service is relatively unresponsive to changes in price.

FICA

The Federal Insurance Contributions Act, a United States federal payroll tax that funds Social Security and Medicare.