A Credit to an Asset Account Was Posted to a Liability

question 144

Multiple Choice

A credit to an asset account was posted to a liability account. This error would cause

• A) assets to be understated.
• B) liabilities to be overstated.
• C) Capital to be understated.
• D) None of the above are correct.

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Definitions:

Lesser Trochanter

A bony prominence on the femur near its joint with the hip bone, serving as a point of attachment for several muscles of the lower limb.

Lateral Malleolus

The bony prominence on the outer side of the ankle, forming the lower end of the fibula.

Ulnar Notch

A depression on the distal end of the radius bone that articulates with the head of the ulna, allowing wrist movement.

Medial Epicondyle

The bony projection on the inner side of the humerus just above the elbow joint, where certain ligaments and tendons of the forearm attach.