Which of the Following Errors Would Cause the Balance Sheet

question 56

Multiple Choice

Which of the following errors would cause the balance sheet columns of a work sheet to be out of balance?

• A) Entering an asset amount in the Income Statement Debit column.
• B) Entering a liability amount in the Income Statement Credit column.
• C) Entering an expense amount in the Balance Sheet Debit column.
• D) Entering a revenue amount in the Balance Sheet Debit column.
• E) Entering a liability amount in the Balance Sheet Credit column.

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Definitions:

Long-Term Trend

The overall direction in which data moves over a significant period, indicating a persistent increase, decrease, or stability.

Forecast Accuracy

A measure of how close the forecasted values are to the actual values, often used in evaluating the performance of forecasting models.

Sum of Squares

A statistical measure that quantifies the variation within a dataset, calculated by summing the squares of each deviation from the mean.

Accuracy

The degree to which the result of a measurement, calculation, or specification conforms to the correct value or a standard.