If, on a Trial Balance, the Total of the Debits

question 14

Multiple Choice

If, on a trial balance, the total of the debits is $7,500 and the total of the credits is$7,419, the difference could have been caused by:

• A)A transposition error.
• B)A sliding error.
• C)Posting only one side of an entry.
• D)An error in copying an account balance from the ledger to the trial balance.
• E)All of these answers are correct.

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Definitions:

Escrow Account

An escrow account is a financial arrangement where funds or assets are held by a third party on behalf of two other parties in the process of completing a transaction.

Semi-annual

Refers to events or processes that occur or are carried out twice a year.

Mortgage Payment

A regular payment made towards a mortgage loan, typically including both principal and interest components.

Apothem

A line segment that goes through the center of a polygon that is perpendicular to a side.