Which of the Following Accounts Is Increased with a Credit

question 60

Multiple Choice

Which of the following accounts is increased with a credit?

• A)Office Supplies
• B)Unearned Revenue
• C)Land
• D)Prepaid Insurance

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Definitions:

Temporal Method

A method used in accounting to translate foreign currency transactions into the reporting currency of a business.

Current Exchange Rates

The present value of one currency in terms of another, used in converting from one currency to another.

Remeasured

Refers to the adjustment of the value of an asset or currency to reflect current market values or exchange rates.

Functional Currency

The currency of the primary economic environment in which an entity operates, usually determined by the currency in which it predominantly generates and expends cash.