Several Types of Errors Can Be Made During the Journalizing

question 180

Multiple Choice

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Amount incorrectly entered on trial balance

• A)Trial balance preparation errors
• B)Account balance errors
• C)Posting errors
• Challenging

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Definitions:

Executed Agreement

A contract that has been fully performed by all parties involved, with all terms satisfied and obligations met.

Essential Terms

The main conditions or stipulations that are crucial to the validity and execution of a contract or agreement.

Intention

An element of a valid contract; the parties must objectively intend for an agreement to be legally binding.

Reasonable Person

A hypothetical individual in the legal system who exercises average care, skill, and judgment in conduct and is used as a comparative standard for negligence.