If the Total Debit Column Exceeds the Total Credit Column

question 211

Multiple Choice

If the total debit column exceeds the total credit column of the income statement columns on a worksheet then the company has

• A) earned net income for the period.
• B) an error because debits do not equal credits.
• C) suffered a net loss for the period.
• D) to make an adjusting entry.

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Definitions:

Level Of Significance

A threshold used in hypothesis testing, below which the null hypothesis is rejected.

Confidence Interval

A gamut of values, taken from sample statistics, considered likely to include the value of a hidden population attribute.

Population Proportion

The fraction or percentage of members in a population that have a particular attribute.

Sample Size

The number of individual observations or units included in a sample from a population, affecting the precision of the study's estimates.