Table of contents

1. Introduction to Accounting1h 21m
2. Transaction Analysis1h 13m
3. Accrual Accounting Concepts2h 38m
4. Merchandising Operations2h 30m
5. Inventory1h 55m
6. Internal Controls and Reporting Cash1h 16m
7. Receivables and Investments3h 8m
8. Long Lived Assets5h 1m
9. Current Liabilities2h 19m
10. Time Value of Money1h 23m
- Time Value of Money Equations
  35m
- Using Time Value of Money Tables
  47m
11. Long Term Liabilities2h 45m
12. Stockholders' Equity2h 15m
13. Statement of Cash Flows2h 24m
14. Financial Statement Analysis5h 25m
15. GAAP vs IFRS56m

3. Accrual Accounting Concepts

Revenue Recognition and Expense Recognition

Financial Accounting

3. Accrual Accounting Concepts

Revenue Recognition and Expense Recognition

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Multiple Choice

Which of the following accounts is an example of a revenue account?

Accounts Payable

Salaries Expense

Service Revenue

Prepaid Rent

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Verified step by step guidance

Step 1: Understand the concept of a revenue account. Revenue accounts represent income earned by a business from its operations, such as sales or services provided. These accounts are part of the income statement and increase equity.

Step 2: Analyze the given options. Accounts Payable is a liability account, representing amounts owed by the business. Salaries Expense is an expense account, representing costs incurred by the business. Prepaid Rent is an asset account, representing payments made in advance for future benefits.

Step 3: Identify the account that represents income earned. Service Revenue is the account that records income earned from providing services, making it an example of a revenue account.

Step 4: Confirm the classification of Service Revenue. Revenue accounts are credited when income is earned, increasing the business's equity. Service Revenue fits this definition.

Step 5: Conclude that Service Revenue is the correct answer, as it is the only account among the options that represents income earned by the business.