Question

What are the different types of accounts?

1) prepaid advertising
2) interest receivable
3) service revenue
4) interest revenue
5) advertising expense
6) depreciation expense
7) supplies expense
8) salaries and wages expense
9) rent expense

Answer 1

Accounts are financial records used to track transactions in a business. The different types of accounts include prepaid advertising, interest receivable, service revenue, interest revenue, advertising expense, depreciation expense, supplies expense, salaries and wages expense, and rent expense.

Step-by-step explanation:

Accounts refer to the financial records in which the transactions of a business are recorded. The different types of accounts mentioned are:

1. Prepaid advertising: This account is used to record the cost of advertising that has been paid for in advance.
2. Interest receivable: This account is used to record the interest income that a business expects to receive.
3. Service revenue: This account is used to record the revenue generated from providing services to customers.
4. Interest revenue: This account is used to record the revenue earned from interest on loans, investments, or savings accounts.
5. Advertising expense: This account is used to record the cost of advertising for a business.
6. Depreciation expense: This account is used to record the decrease in value of an asset over time.
7. Supplies expense: This account is used to record the cost of supplies used in a business.
8. Salaries and wages expense: This account is used to record the cost of paying employees' salaries and wages.
9. Rent expense: This account is used to record the cost of renting a space for a business.