BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following is not a specific account in a company’s chart of accounts?
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gain on sale of assets
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interest revenue
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net income
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unearned revenue
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Explanation:
Detailed explanation-1: -Journal. Which of the following accounts is not included in the calculation of net income? Rent revenue.
Detailed explanation-2: -There are 5 major account types in the CoA: assets, liabilities, equity, income, and expenses.
Detailed explanation-3: -The chart of accounts is a listing of the names and account numbers for the general ledger accounts available for recording amounts. However, the chart of accounts will not include any transaction amounts or account balances.
There is 1 question to complete.