A chart of accounts usually starts withasset accountsO expense accountsliability accountsrevenue accountsWhich of the following is a liabilityaccount?O Unearned revenueOwner's drawingAccrued revenuePrepaid expenses

Solution 1: A chart of accounts usually starts with "asset accounts". hence first option is correct.…

Answered: A chart of accounts usually starts with…

Business

Accounting

A chart of accounts usually starts with asset accounts expense accounts

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Concept explainers

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

A chart of accounts usually starts with
asset accounts
O expense accounts
liability accounts
revenue accounts
Which of the following is a liability
account?
O Unearned revenue
Owner's drawing
Accrued revenue
Prepaid expenses

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