Question

a. Balance sheet accounts are arranged into ______ general categories. b. Common Stock and Dividends are examples of ______ accounts. c. Accounts Payable and Note Payable are examples of ______ accounts. d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of ______ accounts. e. A(n) ______ is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.

Answer 1

Answer:

a. Three (3).

b. Equity.

c. Liability.

d. Asset.

e. Account.

Explanation:

a. Balance sheet accounts are arranged into three general categories. These are asset, liability and equity.

b. Common Stock and Dividends are examples of equity accounts.

c. Accounts Payable and Note Payable are examples of liability accounts.

d. Accounts Receivable, Prepaid Accounts, Supplies, and Land are examples of asset accounts.

e. An account is a record of increases and decreases in a specific asset, liability, equity, revenue, or expense item.