Asked by
Jared Jenkins
on Oct 28, 2024
Verified
Which of the following statements is false?
A) The unearned revenue account has a credit balance.
B) The revenue account has a credit balance.
C) An expense account has a debit balance.
D) A prepaid expense account has a credit balance.
Unearned Revenue Account
Refers to money received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.
Debit Balance
An accounting term indicating that a particular account has more debits than credits, often referring to an account's overall debt or expenditure.
Credit Balance
In accounting, it refers to the balance on the right side of a ledger account, indicating the amount that a company owes or liabilities.
- Discern the usual balance related to distinct account types, including assets, liabilities, equity, revenue, and expenses.
Verified Answer
AM
Learning Objectives
- Discern the usual balance related to distinct account types, including assets, liabilities, equity, revenue, and expenses.