Which Pair of Accounts Follows the Rules of Debit and Credit

question 7

Multiple Choice

Which pair of accounts follows the rules of debit and credit in the opposite manner?

• A)Prepaid Insurance and Withdrawals
• B)Advertising Expense and Land
• C)Withdrawals and Service Revenue
• D)Interest Payable and Owner's Capital

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Definitions:

Hindsight Bias

The tendency to believe, after learning an outcome, that one would have foreseen it, often referred to as the "I-knew-it-all-along" phenomenon.

Election

A formal and organized process of selecting a person for a public office or accepting or rejecting a political proposition by voting.

Insight

The capacity to gain an accurate and deep understanding of a person or situation, often leading to problem-solving or creative thinking.

Affect Heuristic

A mental shortcut that allows people to make decisions and solve problems quickly and efficiently based on their emotions.