If, in Preparing a Work Sheet, an Adjusted Trial Balance

question 25

Multiple Choice

If, in preparing a work sheet, an adjusted trial balance amount is sorted to the wrong work sheet column, the Balance Sheet columns will balance on completing the work sheet, but with the wrong profit, if the amount sorted in error is

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

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Definitions:

Special Interest Groups

Groups of people or organizations with common interests that seek to influence public policy and decisions.

Shortsightedness Effect

The shortsightedness effect refers to the tendency of decision-makers to prioritize short-term gains over long-term outcomes, often leading to suboptimal results.

Immediate Benefits

Advantages or gains that can be realized in the near term without significant delay.

Distant Future

A period of time that is significantly far ahead from the present moment.