It Is Obvious That an Error Occurred in the Preparation

question 292

Multiple Choice

It is obvious that an error occurred in the preparation and/or posting of closing entries if:

• A)all revenue and expense accounts have zero balances.
• B)the Retained earnings account is debited for the amount of the net loss for the period.
• C)the income summary account is debited for the amount of net income for the period.
• D)all balance sheet accounts have zero balances.
• E)only permanent accounts appear on the post-closing trial balance.

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Definitions:

Antidepressant

Antidepressants are a class of drugs that are used to treat depressive disorders by altering chemicals in the brain that may become unbalanced.

Cold Sweats

A state of sweating without the presence of heat, often accompanying anxiety, fear, or medical conditions.

Selective Serotonin Reuptake Inhibitor

A class of drugs that are typically used as antidepressants in the treatment of depression, anxiety disorders, and some personality disorders.

Suicidal Thoughts

Thoughts about or an unusual preoccupation with suicide, which can range from a detailed plan to a fleeting consideration, indicating a potential risk for suicide.