What Are the Two Basic Types of Income Statement Accounts

question 33

Multiple Choice

What are the two basic types of income statement accounts?

• A) Asset and liability
• B) Income and expense
• C) Asset and expense
• D) Income and liability

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Definitions:

Rotator Cuff

A group of muscles and tendons that surround the shoulder joint, keeping the head of the upper arm bone firmly within the shallow socket of the shoulder.

Lesser Tubercles

Lesser Tubercles are small, rounded projections found on the humerus bone near the shoulder, playing a vital role in arm movement by providing attachment points for muscles.

Greater Tubercles

Projections located on the proximal end of the humerus bone, providing attachment for shoulder muscles.

Flexor Carpi Radialis

A muscle in the forearm that assists in bending the wrist towards the thumb side.