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:

Transformational Leadership

A leadership style where leaders inspire and motivate followers to exceed their own interests for the good of the organization and to achieve higher levels of performance.

Corporate Vision

Corporate vision is a strategic declaration of an organization's long-term objectives and aspirations, guiding its future direction.

Transformational Perspective

A view that focuses on how leaders can inspire and motivate followers through charismatic and visionary leadership, leading to significant organizational change.

Agents of Change

Individuals or entities that actively promote, support, and implement changes within an organization or society.