Revenue and Expense Accounts

question 28

Multiple Choice

Revenue and expense accounts

• A)are permanent accounts.
• B)are temporary accounts.
• C)reflect cumulative changes in each account since the organization of the firm.
• D)record all cash receipts and cash disbursements.
• E)none of the above

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Definitions:

Assets

Economic resources controlled or owned by a person or company, expected to provide future benefits.

Misappropriation

The intentional, illegal use of another's funds or property for one's personal use.

Dishonest Employees

Workers who engage in fraudulent or unethical behavior, potentially harming their employer financially or reputationally.

Fraudulent Activity

An illegal act involving the intentional deception or misrepresentation that an individual or entity makes to gain a benefit or advantage.