Which Pair of Accounts Has the Same Set of Rules

question 74

Multiple Choice

Which pair of accounts has the same set of rules for debit and credit entries?

• A)Service Revenue and Rent Expense
• B)Dividends and Retained Earnings
• C)Equipment and Salaries Expense
• D)Accounts Receivable and Accounts Payable

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Definitions:

Genuinely Agree

Indicates a sincere concordance or acceptance between parties without hidden disagreements.

Defense

Legal strategies and arguments presented to protect, justify, or exonerate a defendant in a legal proceeding.

Misrepresentation

An untrue assertion made by one party to another that influences the latter to enter into a contract.

Bilateral Mistake

A mistake that occurs when both parties to a contract are mistaken about the same material fact.