In an expanded accounting equation,revenues and expenses are an expanded part of:
A) Retained Earnings.
B) Common Stock.
C) liabilities.
D) assets.

Question

Quizplus · Accepted Answer

In the expanded accounting equation, revenues and expenses are reflected in the retained earnings account, which is a part of owner’s equity section along with common stock. Liabilities and assets are not affected by the recording of revenues and expenses.

In an Expanded Accounting Equation,revenues and Expenses Are an Expanded