Multiple Choice
1. Which type of bank account allows a depositor to order payments, such as writing checks, directly from the account? (p. 123)
62
views
1. Introduction to Accounting
Types of Accounting
Struggling with Financial Accounting?
Join thousands of students who trust us to help them ace their exams!Watch the first videoMultiple Choice
Which term best describes wealth in the form of money or property that is used in a business by a person, partnership, or corporation?
A
Liability
B
Capital
C
Revenue
D
Expense
Verified step by step guidance1
Understand the definition of each term provided in the options: Liability, Capital, Revenue, and Expense.
Liability refers to obligations or debts owed by a business to external parties, such as loans or accounts payable.
Revenue represents the income generated from the sale of goods or services during a specific period.
Expense refers to the costs incurred by a business in its operations, such as rent, utilities, or salaries.
Capital is the term that describes wealth in the form of money or property used in a business by a person, partnership, or corporation. It represents the owner's investment in the business.
4:10mWatch next
Master Types of Accounting: Financial and Managerial with a bite sized video explanation from Brian
Start learningRelated Videos
Related Practice
Types of Accounting practice set
Problem sets built by lead tutorsExpert video explanations