Companies will incur Liabilities for which of the following reasons?

A. Taking a loan from the bank.

B. By gaining new assets using cash in hand.

C. By paying a debt to investors.

D. None of the Above

Processing Invoices requires you to credit which of the following accounts?

A. Liabilities

B. Assets

C. Accounts Payable

D. None of the Above

The subsidiary Accounts Payable ledger is necessary for which of the following reasons ?

A. A more specific way to show how much you owe to each vendor.

B. Giving a complete picture of the company.

C. Publishing a list of all the company's revenue sources.

D. None of the Above

Credits are used on which of the following categories?

A. Assets

B. Liabilities

C. Shareholder's Equity

D. All of the Above