In Preparing a Work Sheet an Adjusted Trial Balance Amount

question 34

Multiple Choice

In preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column.The Balance Sheet columns will balance on completing the work sheet but with the wrong net income,if the amount sorted in error is:

• A)An expense amount placed in the Balance Sheet Credit column.
• B)A revenue amount placed in the Balance Sheet Debit column.
• C)A liability amount placed in the Income Statement Credit column.
• D)An asset amount placed in the Balance Sheet Credit column.
• E)A liability amount placed in the Balance Sheet Debit column.

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Definitions:

Conservation Easements

Legal agreements that restrict the use of land in order to preserve its conservation values, allowing landowners to protect natural resources while retaining property ownership.

Government Services

Public services provided by governmental organizations to meet the needs of the citizens, including education, healthcare, and public safety.

Income Tax

A tax levied by governments on individuals or entities' income, varying widely in mechanism and application across different jurisdictions.

Property Tax

A tax assessed on real estate by the local government, based on the property's value.