Double-entry accounting is an accounting system: () A: That records each transaction twice. B: That records the effects of transactions and other events in at least two accounts with equal debits and credits. C: In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits. D: That may only be used if T-accounts are used.

But many students don't quite understand that money in the accounts is limited.

22.Receivables doesn’t include( ). A: accounts receivable B: notes receivable C: cash on hand D: other receivables

Which of the following accounts are considered permanent accounts?

Which of the following accounts normally contain a credit balance? A: land B: Accounts Receivable. C: Accounts Payable. D: Cash

Which<br/>of the following accounts is NOT a liability? ( ) A: Accounts Payable B: Notes Payable C: Salaries Payable D: Accounts Receivable

The purchase of tools on account is recorded by a A: debit to Accounts Payable and a credit to Tools. B: credit to Tools and a credit to Accounts Payable. C: debit to Tools and a credit to Accounts Payable. D: debit to Tools and a debit to Accounts Payable.

Typical current liability accounts include accounts payable,unearned revenue, bonds payable.

The number of days' sales uncollected is calculated by: A: Dividing accounts receivable by net sales. B: Dividing accounts receivable by net sales and multiplying by 365. C: Dividing net sales by accounts receivable. D: Dividing net sales by accounts receivable and multiplying by 365. E: Multiplying net sales by accounts receivable and dividing by 365.

Shes in Accounts,