Which of the Following Errors Can Be Corrected by Adjusting

question 42

Multiple Choice

Which of the following errors can be corrected by adjusting a posted payment or receipt -

• A) the amount of the payment was entered incorrectly
• B) the payment cheque was returned by the bank as NSF
• C) the payment was entered for the wrong customer or supplier
• D) none of the above - they all require a reversing entry

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Definitions:

Part Numbers

Unique identifiers assigned to individual parts or components within a manufacturing or inventory system.

Evaluate Supply Sources

The process of assessing potential suppliers to determine their ability to deliver goods or services in a timely, cost-effective, and quality-focused manner.

Spend Analysis

The process of collecting, cleansing, classifying, and analyzing expenditure data with the purpose of reducing costs, improving efficiency, and monitoring compliance.