7.3. Transferring entries from the journal to the ledger accounts is known as . (2 Points) a. Ledger b. Trial balance c. Double entry system d. Posting. 8.4. Which of the following is a current liability ? (2 Points) a. Bank b. Account receivable Prepaid expenses Account Payable 13.9. Which of the following is not an asset ? (2 Points) a. Account receivable b. Owing to Bank c. Land d. Cash 14. 10. Income received in advance is a lan (2 Points) a. Asset O b. Equity c. Liability d. Service fee income 5.1. An accounting table that shows the balances of accounts to check the arithmetical accuracy of the accounting records at the end of the period is called ? (2 Points) a. Ledger b. Journal c. Balance Sheet d. Trial Balance 6.2. The business purchased goods on credit, which account will be debited ? (2 Points) a. Accounts Payable b. Goods on Account O c. Purchases on credit 9.5. Which of the following is a current asset ? (2 Points) a. Land and Buildings b. Creditors c. Inventories d. Goodwill 10.6. Which of the following statements is false ? (2 Points) a. To increase an asset , we make a debit entry. b. To decrease expense account, we make a credit entry. c. To decrease an asset , we make a credit entry d. To decrease liability account, we 11. 7. Trial balance will show whether the debits posted in the ledgers is the same as the total credits. (2 Points) a. The statement is true. b. The statement is false c. It cannot be determined if the statement is true or false d. None of the above 12.8. Which of the following is an intangible asset ? (2 Points) a. Land b. Inventory C. Account receivable