Identify the account below that is classified as an asset in a company's chart of accounts:
A) Accounts Payable
B) Accounts Receivable
C) Owner's Capital
D) Unearned Revenue
E) Service Revenue

Question

Quizplus · Accepted Answer

Accounts Receivable is typically classified as an asset in a company's chart of accounts as it represents the amount of money owed to the company by its customers for goods or services that have been delivered but not yet paid for. The other options listed are classified as liabilities (Accounts Payable, Unearned Revenue) or equity (Owner's Capital) or revenue (Service Revenue).

Identify the Account Below That Is Classified as an Asset