What Are the Two Basic Types of Income Statement Accounts

question 19

Multiple Choice

What are the two basic types of income statement accounts?

• A) Asset and profit
• B) Equity and expense
• C) Income and equity
• D) Income and expense

---

Definitions:

Coordination

The organization of the different elements of a complex body or activity so as to enable them to work together effectively.

Functional Form

The specific mathematical relationship or equation used to describe how variables in a model are connected.

Corporate Organization

A structure of a corporation, detailing its hierarchy, management roles, and division of responsibilities.

Employees Organizes

Likely refers to the action where workers unite or form unions to negotiate collectively with their employers over wages, hours, benefits, and other working conditions.