There Are Three Basic Types of Balance Sheet Accounts

question 22

Multiple Choice

There are three basic types of balance sheet accounts. They are:

• A) income, expense and drawings.
• B) asset, expense and equity
• C) asset, liability and equity.
• D) bank, debtors and creditors.

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Definitions:

Policy Making

The process by which governments and other authoritative bodies develop and implement rules, laws, and guidelines.

Ideological

Pertaining to a system of ideas and ideals, especially one that forms the basis of economic or political theory and policy.

Contingent

Dependent on or conditioned by something else; not absolute or certain.

Racial Stereotypes

Preconceived and oversimplified ideas or images about the characteristics of members of a specific race, often used to justify prejudicial attitudes and discrimination.