Assume That a Company Using a Purchases Journal Made an Error

question 53

Multiple Choice

Assume that a company using a purchases journal made an error in totaling the journal's accounts payable column. The error should be discovered:

• A) When the purchases journal is posted to the general ledger.
• B) When the sum of the vendor accounts does not equal the balance in the Purchases journal.
• C) When the total of the schedule of accounts payable is compared with the balance of the Accounts Payable account.
• D) When the creditors receive their payments.
• E) When the financial statements are prepared.

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Definitions:

Celebratory Events

Occasions or activities organized to celebrate and honor a significant person, date, or event.

National Honor Society

A nationwide organization in the United States that recognizes high school students for their exemplary academic achievement, leadership, service, and character.

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A ceremony that celebrates the completion of kindergarten, marking the transition of young children into the next step of their educational journey.

Backup Activities

Alternate plans or actions that can be used if the original plan cannot be implemented, ensuring continuity.