Carl is using the double-entry bookkeeping system to account for all the transactions during his first month in business as an electrician. All of the following could be specific asset categories for Carl EXCEPT
A) supplier credit.
B) cash.
C) tools.
D) inventory.
E) equipment.

Question

Quizplus · Accepted Answer

Carl's specific asset categories could include cash, inventory, equipment, and tools, while supplier credit would be a liability.

Carl Is Using the Double-Entry Bookkeeping System to Account for All