What statement is accurate regarding double-entry bookkeeping? Multiple Choice When using double-entry bookkeeping, it is not necessary to prepare a trial balance. With double-entry bookkeeping, if the transaction amounts are not equal, the bookkeeper knows there is a mistake. Double-entry bookkeeping requires a second person to double-check the bookkeeper's numbers. Tax accountants must use double-entry bookkeeping when preparing tax returns. The primary purpose of accounting is to Multiple Choice provide a method of spending money wisely. make sure a business is paying its taxes. help managers make well-informed decisions. allow for government tracking of business activities. A specialized accounting book in which information is accumulated into specific categories and posted so managers can find all information about one account in the same place is a Multiple Choice transaction log. trial balance sheet Journal. ledger What would be considered an intangible asset? Multiple Choice buildings accounts payable accounts receivable copyrights In a private company's accounting system, inputs are Multiple Choice the cost of doing business; sales revenue the cash required to run the business; accounts payables transactions such as the cash flow statement; payroll taxes and outputs are transactions such as sales, payroll, and other expenses; financial statements Buying and selling goods, acquiring insurance, and using supplies represent Multiple Choice financial resource trading management marketing transactions