Asked by Haley Melton on Apr 29, 2024
Verified
Which group of accounts is comprised of only assets?
A) Cash, Accounts Payable, Buildings
B) Accounts Receivable, Revenue, Cash
C) Prepaid Expenses, Buildings, Patents
D) Unearned Revenue, Prepaid Expenses, Cash
Accounts Payable
The amount of money a company owes to its suppliers or vendors for goods or services received but not yet paid for.
Unearned Revenue
Money received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.
Prepaid Expenses
Payments made in advance for goods or services to be received in the future, considered an asset on the balance sheet until utilized.
- Identify and classify different types of accounts (assets, liabilities, owner's equity, expenses, revenues).
Verified Answer
Learning Objectives
- Identify and classify different types of accounts (assets, liabilities, owner's equity, expenses, revenues).
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