Select the item that best completes each of the descriptions

Select the item that best completes each of the descriptions below la Accounts are arranged into- |general categories accounts b. Common Stock and Dividends are examples of c Accounts Payable, Unearned Revenue, and Note Payable are examples of d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of e. An accounts accounts is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item Type here to search

Solution

a Accounts are arranged into three general categories. b Common stock and dividends are examples of equity accounts. c Accounts payable, unearned revenue, and note payable are examples of liability accounts d Accounts receivable, prepaid accounts, supplies, and land are examples of asset accounts. e An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item