Select the Account Types for These Items

question 64

Multiple Choice

Select the account types for these items:
Repairs and maintenance
Accounts receivable
Drawings
Wages

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

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Definitions:

State Government

The organization through which political authority is exercised at the state level, governing over a specific geographical area.

Preferred Stock

A class of ownership in a corporation that has a higher claim on assets and earnings than common stock, often entitling shareholders to fixed dividends ahead of common shareholders.

Less Risky

Less risky describes an investment or action that has a lower likelihood of resulting in loss or lower variability in its returns compared to other options.

Treasury Stock

Shares that were issued and subsequently reacquired by the company, reducing the amount of outstanding stock on the open market.