If the Sum of the Debits Is Not Equal to the Sum

question 79

Multiple Choice

If the sum of the debits is not equal to the sum of the credits in a trial balance, then

• A)there is no concern because the two amounts are not meant to be equal.
• B)the chart of accounts does not balance.
• C)it is safe to proceed with the preparation of financial statements.
• D)it is likely that an error was made in journalizing or posting transactions or in computing the account balance.

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Definitions:

Recruiting Quotas

Set numbers or percentages of individuals that an organization, such as the military, aims to enroll or recruit within a specific time period.

Militia

A military force that is raised from the civil population to supplement a regular army in an emergency.

Neutral Shipping

The practice of merchant ships from neutral countries conducting trade without engaging in hostilities during a time of war.

American Revolution

The historical period (1765-1783) in which the Thirteen Colonies in North America won independence from Great Britain, leading to the formation of the United States.