Which of the Following Errors Can Be Corrected by Adjusting

question 13

Multiple Choice

Which of the following errors can be corrected by adjusting a posted payment or receipt -

• A)the amount of the payment was entered incorrectly
• B)the payment cheque was returned by the bank as NSF
• C)the payment was entered for the wrong customer or supplier
• D)none of the above - they all require a reversing entry

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Definitions:

Assignee

An individual or entity to whom rights or interests have been transferred by another, known as the assignor.

Assignor

A person or entity that transfers rights or interests in a contract or property to another party, known as the assignee.

Obligations

Duties and responsibilities imposed by law or contract.

Assignability

The capability of a contract or right to be transferred from one party to another.