If the Sum of the Debit Column Equals the Sum

question 29

Multiple Choice

If the sum of the debit column equals the sum of the credit column in a trial balance it indicates

• A) no errors have been made.
• B) no errors can be discovered.
• C) that all accounts reflect correct balances.
• D) the mathematical equality of the accounting equation.

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Definitions:

Joint Venture

An enterprise undertaken by two or more parties who share profits, losses, and control over the project.

Licensed Fishing Outfits

Enterprises authorized to offer fishing activities and services, typically inclusive of guides, gear, and sometimes accommodations.

Business Organization

The structure of a company or enterprise, specifying how it is formed, run, and governed, including entities like corporations, partnerships, and sole proprietorships.

Economic Service

A service that provides economic benefit, including financial services, market analysis, and investment guidance.