Which of the Following Owner's Equity Accounts Follows the Same

question 92

Multiple Choice

Which of the following owner's equity accounts follows the same debit and credit rules as liabilities?

• A) expense accounts only
• B) drawing accounts only
• C) revenue accounts only
• D) expense and drawing accounts

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Definitions:

Market Equilibrium

A situation in which market supply equals market demand, leading to stable prices where the quantity supplied is equal to the quantity demanded.

Consumer Surplus

The disparity between what consumers are prepared and capable of spending for a product or service and the actual amount they end up paying.

Market Price

The prevailing rate at which a service or asset is available for purchase or sale in a specific market.

Tastes

The individual preferences and desires that influence consumer behavior and choice in the market, affecting the demand for goods and services.