Which of the Following Statements Is Incorrect

question 9

Multiple Choice

Which of the following statements is incorrect?

• A) The normal balance of accounts receivable is a debit.
• B) The normal balance of owner's withdrawals is a debit.
• C) The normal balance of unearned revenues is a credit.
• D) The normal balance of an expense account is a credit.
• E) The normal balance of the owner's capital account is a credit.

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Definitions:

Silver

A precious metal with the symbol Ag, used in jewelry, currency, and industrial applications for its conductivity and reflective properties.

Call Option

A financial contract that gives the buyer the right, but not the obligation, to buy an asset at a specified price within a certain period of time.

Put Option

A financial contract giving the holder the right to sell a specified amount of an underlying asset at a set price before a certain date.

GM Stock

Equity shares issued by General Motors Company, a major automotive manufacturer based in the United States.