, Double-entry accounting is an accounting system: A That records each transaction twice. B. In which each transaction affects and is recorded in two or more accounts but that could include two debits and no credits C. That may only be used if T-accounts are used. D. That records the effects of transactions and other events in at least two accounts with equal debits and credits E. That insures that errors never occur. 6. If a parcel of land that was originally acquired for $85,000 is offered for sale at $150,000, is assessed for tax purposes at $95,000, is recognized by its purchase rs as easily being worth $140,000, and is sold for $137,000, the land should be recorded in the purchaser's books at: A. $95,000. 8.$137,000. C. $138,500. D. $140,000. E $150,000. the: 7. The accounting principle that requires revenue to be reported when earned A. Matching principle. B. Revenue recognition principle. C. Time period principle. D. Accrual reporting principle. E. Going-concern principle. 8. The broad principle that requires expenses to be reported in the same period as the revenues in aude that were earned as a result of the expenses is the: A. Matching principle. B. Cost principle. Cash basis of accounting. Recognition principle. Time period principle Areport that lists accounts and their balances, in which the total debit balances should equal the total credit balances, is called a(n): A. Account balance. B. Trial balance. C. Ledger. D. Chart of accounts. E. General Journal. 20. Which of the following groups of accounts are not balance sheet accounts? A. Assets. B. Liabilities. C. Revenues. D. Equity accounts. E. All of these are balance sheet accounts