Several Types of Errors Can Be Made During the Journalizing

question 138

Short Answer

Several types of errors can be made during the journalizing and posting process. Match the following with their best description.
-Balance entered in wrong trial balance column or omitted.
A)Trial balance preparation errors
B)Account balance errors
C)Posting errors

• A)Trial balance preparation errors
• B)Account balance errors
• C)Posting errors

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Definitions:

Bankruptcy

A legal procedure for dealing with debt problems of individuals or businesses; officially declared inability to pay off debts.

Liable

Being legally responsible for a particular act or omission, usually involving payment of damages or compliance with specific court orders.

Suretyship

A contractual agreement in which one party (surety) guarantees the obligations of a principal to a third party.

Guaranty

Guaranty is a legal commitment by a guarantor to pay a debt or perform an obligation if the original debtor fails to do so.