Identify the statement below that is correct.

Question $1$Answer

a$.$

Accounts receivable are held by a seller and are promises of payment from customers to sellers

b$.$

When a future expense is paid in advance, the payment is normally recorded in a liability account called Prepaid Expense

c$.$

Prepaid revenue accounts are used to record when customers pay in advance for products or services

d$.$

A liability account is commonly used to record increases and decreases in both the land and buildings owned by a business