A Credit to an Asset Account Was Posted to an Expense

question 100

Multiple Choice

A credit to an asset account was posted to an expense account.This would cause:

• A)assets to be overstated.
• B)liabilities to be understated.
• C)capital to be understated.
• D)expenses to be understated.

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Definitions:

Karl Marx

A 19th-century philosopher, economist, and revolutionary socialist best known for his critical theories about capitalism and his ideas that led to the foundation of Marxism.

Political Power

The ability to influence or outright control the behavior of people, typically involving the governance of a state, region, or organization.

Ownership of Capital

The possession of capital assets, including tools, buildings, machines, and financial resources, used to produce goods or services.

Social Consciousness

An awareness shared by individuals within a society regarding social issues, injustices, and the need for social change.