Types of Major Account

Which of the following is an example of an Asset?

• Rent Expense

• Accounts Payable

• Service Income

• Cash

Which account type shows how much the owner has invested in the business?

• Revenue

• Expense

• Capital

• Liability

What account is used when a business earns money from providing a service?

• Asset

• Revenue

• Liability

• Expense

What is the correct classification of Accounts Payable?

• Asset

• Liability

• Expense

• Capital

Which of the following is NOT an expense account?

• Salaries Expense

• Utilities Expense

• Equipment

• Rent Expense

What type of account is used to record rent paid by the business?

• Revenue

• Liability

• Asset

• Expense

Which of the following accounts increases when a business earns income?

• Service Revenue

• Utilities Expense

• Notes Payable

• Equipment

Which account represents something the business OWES?

• Cash

• Accounts Receivable

• Accounts Payable

• Owner's Capital

What type of account is “Owner’s Capital”?

• Expense

• Asset

• Liability

• Capital

Supplies, Office Equipment, and Building are all examples of what type of account?

• Liability

• Asset

• Expense

• Revenue