A Trial Balance Prepared by an Inexperienced Accountant Showed Total

question 38

Multiple Choice

A trial balance prepared by an inexperienced accountant showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?

• A)Failure to post a transaction
• B)Mislabeling
• C)Slide
• D)Transposition

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Definitions:

Median-Voter Model

A theoretical model in political science suggesting that the outcome of a majority-vote election is most likely to represent the preferences of the median voter.

Political Office Seeker

An individual who campaigns for or aspires to hold a position in government.

Extensive Government Spending

A fiscal policy where the government spends significant resources on public services, programs, and projects to stimulate economic growth or achieve social objectives.

Externality Problems

Issues arising from the impact of one person's actions on the well-being of a bystander, which are not reflected in market prices.