Select the Account Types for These Items $\bullet$ Fixtures and Fittings $\bullet$

question 24

Multiple Choice

Select the account types for these items:
$\bullet$ Fixtures and fittings
$\bullet$ Accounts payable
$\bullet$ Drawings
$\bullet$ Sales

• A) Asset, liability, equity, income
• B) Asset, liability, equity, expenses
• C) Expense, asset, equity, income
• D) Expense, liability, asset, expense

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Definitions:

Opportunity Costs

Opportunity costs represent the benefits an individual, investor, or business misses out on when choosing one alternative over another.

Natural Disaster

A sudden and extreme event caused by natural processes of the Earth that can result in significant damage and loss.

Inward Shift

A decrease in the potential output of a good or service, often represented by a shift to the left of its supply or demand curve.

Production Possibility Frontier

A curve depicting all maximum output possibilities for two goods, given a set of inputs and technology, assuming efficient use of resources.