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:

Cortex

The outer layer of the brain, involved in numerous high-level functions, including sensation, perception, memory, association, thought, and voluntary physical action.

Limbic System

A complex system of nerves and networks in the brain, involved with instinct and mood control, and the basic emotional drives.

Umami

One of the five basic tastes, characterized by a savory or meaty flavor, and attributed to the presence of glutamates and nucleotides.

Primary Tastes

The fundamental groups of tastes recognized by human taste perception, including sweet, sour, salty, bitter, and umami.