Asked by Haley Melton on Apr 29, 2024

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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).
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ZK
Zybrea KnightMay 05, 2024
Final Answer :
C
Explanation :
Prepaid expenses and buildings are both assets, and patents can also be classified as an intangible asset. Cash, accounts payable, accounts receivable, revenue, unearned revenue are all examples of different types of accounts, including liabilities and revenue.