GB 518 RANK Extraordinary Life/gb518rank.com GB 518 RANK Extraordinary Life/gb518rank.com | Page 45

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

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