A Trial Balance May Prove That Debits and Credits Are

question 31

Multiple Choice

A trial balance may prove that debits and credits are equal, but

• A) an amount could be entered in the wrong account.
• B) a transaction could have been entered twice.
• C) a transaction could have been omitted.
• D) All of these answers are correct

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Definitions:

Interest Rate

The levy imposed on a borrower by a lender, shown as a percentage of the borrowed foundational amount, for access to assets.

Cash Flows

The movement of cash into and out of a business, a critical aspect of its financial health, emphasizing liquidity.

Years

Units of time equal to 365 days or 366 days in a leap year, used as a measurement of time.

National Health Center

A healthcare facility intended for the provision of community-specific health and social services, especially in underserved areas.