The Type of Account and Normal Balance of Unearned Rent

question 155

Multiple Choice

The type of account and normal balance of Unearned Rent is

• A) revenue, credit
• B) expense, debit
• C) liability, credit
• D) liability, debit

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Definitions:

CPA

Certified Public Accountant, a professional designation given to accounting professionals in numerous countries around the world after completing a study course and passing an examination.

Financial Statements

Documents that provide an overview of a company's financial condition, including income statement, balance sheet, and cash flow statement.

SOX-Type Standards

Regulatory standards similar to the Sarbanes-Oxley Act (SOX), aimed at improving the accuracy and reliability of corporate disclosures and the protection against corporate and accounting fraud.

Cost-Benefit Analysis

A process used to evaluate the total expected cost of a project compared to its expected benefits, in order to determine its feasibility or profitability.