Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Which of the following statements about revenue and expense accounts is correct? A. Revenue accounts are a subset of assets, and expense accounts are subcategories

Which of the following statements about revenue and expense accounts is correct?

A. Revenue accounts are a subset of assets, and expense accounts are subcategories of liabilities.

B. Both revenue accounts and expense accounts are subcategories of assets.

C. Both revenue accounts and expense accounts are subcategories of Retained Earnings.

D. Revenue accounts are a subcategory of Cash and expense accounts are a subcategory of Accounts Payable.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Global Perspective

Authors: Robert Libby, Patricia Libby, Daniel G Short

5th Edition

0071107746, 978-0071107747

More Books

Students also viewed these Accounting questions

Question

Did the researcher provide sufficient description?

Answered: 1 week ago

Question

Is the style consistent?

Answered: 1 week ago

Question

Does your strategic intent play to your strengths?

Answered: 1 week ago