GB 518 RANK Career Path Begins/gb518rank.com GB 518 RANK Career Path Begins/gb518rank.com | Page 40

Question 14. Question :
and services on credit are:

Assets created by selling goods

Accounts payable
Accounts receivable
Liabilities
Expenses

Question 15. Question :
accounting system:

Double-entry accounting is an

That records each transaction twice
That records the effects of transactions
and other events in at least two accounts with equal debits and
credits
In which the impact of each transaction is
recorded in two or more accounts but that could include two
debits and no credits
That may only be used if T-accounts are
used
That insures that errors never occur