A Debit to a Liability Account Was Posted as a Debit

question 1

Multiple Choice

A debit to a liability account was posted as a debit to a revenue account.This error would cause:

• A)revenues to be understated.
• B)liabilities to be understated.
• C)revenue to be overstated.
• D)None of the above is correct.

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Definitions:

Transcription

The process in which the DNA sequence in a gene is copied into mRNA, serving as the first step in gene expression.

Lactose Operon

A gene regulatory mechanism in bacteria that allows the cells to adapt to the presence of lactose, enabling the digestion of this sugar when it is available.

Negative Control

A genetic control system in which a regulatory protein binds to DNA, turning off transcription of a gene. Compare with positive control.

Operon

In prokaryotes, a group of structural genes that are coordinately controlled and transcribed as a single message, plus their adjacent regulatory elements.