Which of the following is a true statement? Answer Revenue accounts are a subset

Question

Which of the following is a true statement? Answer Revenue accounts are a subset of assets, and expense accounts are a subset of liabilities. Both revenue accounts and expense accounts are subsets of contributed capital. Both revenue accounts and expense accounts are subsets of retained earnings. Revenue accounts are a subset of cash, and expense accounts are a subset of accounts payable. Which of the following is a true statement? Which of the following is a true statement? Revenue accounts are a subset of assets, and expense accounts are a subset of liabilities. Both revenue accounts and expense accounts are subsets of contributed capital. Both revenue accounts and expense accounts are subsets of retained earnings. Revenue accounts are a subset of cash, and expense accounts are a subset of accounts payable. Revenue accounts are a subset of assets, and expense accounts are a subset of liabilities. Both revenue accounts and expense accounts are subsets of contributed capital. Both revenue accounts and expense accounts are subsets of retained earnings. Revenue accounts are a subset of cash, and expense accounts are a subset of accounts payable.

Explanation / Answer

Both revenue accounts and expense accounts are subsets of retained earnings. Both revenue accounts and expense accounts are subsets of retained earnings.

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