Multiple Choice
What is double-entry accounting?
A) An accounting system that disregards the accounting equation, A = L + E
B) An accounting system that records the effects of transactions and other events in at least two accounts with equal debits and credits
C) An accounting system in which each transaction affects and is recorded in two or more accounts with unequal debits and equal credits
D) An accounting system in which the sum of the debit account balances never equals the sum of the credit account balances
E) An accounting system in which errors never occur
Correct Answer:
Verified
Correct Answer:
Verified
Q101: While in the process of posting from
Q102: The accounting cycle begins with<br>A) preparing financial
Q103: Purchasing supplies on credit increases assets while
Q104: Increases in liabilities are recorded as debits.
Q105: Unearned revenues are<br>A) revenues that have been
Q107: Discuss the use of the trial balance.
Q109: Which of the following statements is correct?<br>A)
Q110: The first step in the accounting cycle
Q111: The following list of accounts is for
Q112: A trial balance that is in balance