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Questions and Answers
Which of the following is an example of a liability account?
Which of the following is an example of a liability account?
- Common Stock
- Equipment
- Accounts Payable (correct)
- Notes Receivable
Which account type represents the debts that a company owes to individuals or other entities?
Which account type represents the debts that a company owes to individuals or other entities?
- Capital/Equity
- Revenues
- Liabilities (correct)
- Assets
Which account type represents the owner's investment in the company?
Which account type represents the owner's investment in the company?
- Assets
- Revenues
- Capital/Equity (correct)
- Liabilities
Which account type represents the income earned by the company from providing services?
Which account type represents the income earned by the company from providing services?
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Which account type represents the expenses incurred by the company in its operations?
Which account type represents the expenses incurred by the company in its operations?
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