Which of the Following Describes the Classification and Normal Balance

question 67

Multiple Choice

Which of the following describes the classification and normal balance of the fees earned account?

• A) an asset with a credit balance
• B) a liability with a credit balance
• C) an expense with a debit balance
• D) a revenue with a credit balance

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Definitions:

Purchase Cycle

The sequence of stages that customers go through from recognizing a need, considering a purchase, making the purchase, and post-purchase behavior.

Value Added

The enhancement a company gives its product or service before offering the product to customers, increasing its value.

Expectancy Disconfirmation Model

A consumer satisfaction framework that compares actual product or service performance against pre-consumption expectations.

Expectancy Confirmation Model

A psychological theory suggesting that people tend to seek, interpret, favor, and recall information that confirms their pre-existing beliefs and expectations.