A Credit to an Asset Account Was Posted as a Credit

question 54

Multiple Choice

A credit to an asset account was posted as a credit to a revenue account. This error would cause:

• A) assets to be overstated.
• B) revenue to be overstated.
• C) expenses to be overstated.
• D) Both A and B are correct.

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Definitions:

Monastic Elders

Senior members of a monastic community who are respected for their spiritual wisdom and experience in the monastic way of life.

Royal Portal

The ornate main entrance to the Cathedral of Chartres, France, featuring statues and carvings of biblical figures, characteristic of Gothic architecture.

Chartres

A city in France renowned for its Gothic Cathedral of Chartres, a masterpiece of French Gothic architecture.

Late Romanesque

A style in architecture and art of the 11th and 12th centuries in Europe, characterized by semicircular arches, robust structures, and decorative arcading.