Identify the correct classification for the following four ledger accounts in the chart of accounts:
A) 1 expense, 2 liability, 3 expense, 4 expense.
B) 1 asset, 2 liability, 3 expense, 4 expense.
C) 1 asset, 2 liability, 3 expense, 4 asset.
D) 1 asset, 2 liability, 3 liability, 4 revenue.

Question

Identify the correct classification for the following four ledger accounts in the chart of accounts: 
A) 1 expense, 2 liability, 3 expense, 4 expense. 
B) 1 asset, 2 liability, 3 expense, 4 expense. 
C) 1 asset, 2 liability, 3 expense, 4 asset. 
D) 1 asset, 2 liability, 3 liability, 4 revenue.

Quizplus · Accepted Answer

The Answer is B

Identify the Correct Classification for the Following Four Ledger Accounts