Select the Account Types for These Items

question 30

Multiple Choice

Select the account types for these items:
Prepaid insurance
Mortgage
GST Collected
Light and power

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

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Definitions:

Historical Pattern

The recognition of persistent trends or occurrences in data or events over a specific period in the past, which can be used for forecasting future events.

Daily Sales

The total revenue or units of goods sold by a business within a single day.

EMV

Expected Monetary Value, a concept in risk management used to calculate the average outcome when the future includes scenarios that may or may not happen.

Setup Costs

The expenses incurred to prepare equipment or processes for manufacturing or production runs.