What Types of Errors Would the Program Not Detect When

question 8

Multiple Choice

What types of errors would the program not detect when you finish entering the history -

• A) a ledger is balanced, but individual accounts have incorrect amounts
• B) incorrectly assigned group account types
• C) subgroup accounts not followed by a subgroup total
• D) essential linked accounts are not defined

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Definitions:

Economic Profit

The variance between a company's overall incomes and its combined explicit and implicit expenses.

Implicit Costs

The opportunity costs of using resources owned by the firm for its operations instead of renting, selling, or utilizing them in other ways.

Implicit Costs

The opportunity costs of using resources that a firm already owns, typically non-out-of-pocket costs.

Explicit Costs

Direct, out-of-pocket payments for goods or services used in production, such as wages or rent.