An Entry to Record the Payment to a Vendor Was

question 111

Multiple Choice

An entry to record the payment to a vendor was correctly recorded and posted to the general ledger but was not posted to the subsidiary ledger. This error will cause

• A) net income to be overstated.
• B) net income to be understated.
• C) the accounts payable control account to not agree with the subsidiary ledger.
• D) the accounts receivable control account to not agree with the subsidiary ledger.

Understand the importance of cybersecurity practices in personal and professional contexts.

Identify measures to protect personal identity and financial information.

Recognize the recommended practices for creating and managing secure passwords.

Understand the different operating systems and their application ecosystems.

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Definitions:

Executory

Pertaining to a contract or agreement in which not all obligations or terms have yet been fulfilled by the involved parties.

Partially Performed

Refers to a contract or agreement that has been started but not completed, fulfilling some but not all obligations.

Adequacy of Consideration

A legal principle assessing whether the value exchanged in a contract is reasonable and fair to both parties.

Breach-of-Contract

An act of breaking the terms set out in a contract, which can lead to legal consequences and damages.