Select the Account Types for These Items $\bullet$ Rent Received in Advance

question 57

Multiple Choice

Select the account types for these items:
$\bullet$ Rent received in advance
$\bullet$ Mortgage
$\bullet$ Prepaid expenses
$\bullet$ Rates

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

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Definitions:

Recall

The mental process of retrieving information or memories from the past.

Short-Term Memory

A temporary storage system for information in the brain, holding data for brief periods before it's either forgotten or transferred to long-term memory.

Long-Term Memory

The aspect of memory responsible for storing information over extended periods, from days to decades, including facts, experiences, and skills.

Retention

The act of keeping or holding something, such as the ability to remember information or maintain possession of employees within an organization.