If the Balance Sheet and Statement of Owner's Equity Columns

question 35

Multiple Choice

If the Balance Sheet and Statement of Owner's Equity columns of a work sheet fail to balance when the net income is added to the Balance Sheet and Statement of Owner's Equity Credit column, the cause could be:

• A) An expense entered in the Balance Sheet and Statement of Owner's Equity Credit column.
• B) A liability amount entered in the Income Statement and Statement of Owner's Equity Credit column.
• C) An expense entered in the Balance Sheet and Statement of Owner's Equity Debit column.
• D) A revenue entered in the Balance Sheet and Statement of Owner's Equity Credit column.
• E) An asset amount entered in the Income Statement and Statement of Owner's Equity Debit column.

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Definitions:

Warning Affixed

Notices or labels attached to a product that inform consumers about potential risks associated with its use.

Squirt Gun Mishap

An incident involving unintended consequences or accidents from the use of a water pistol or squirt gun.

Product Itself

The actual good or service being offered to the consumer, distinguished from aspects such as packaging or delivery.

Implied Warranty Of Merchantability

An unspoken guarantee that a product will meet a minimum level of quality and will work as intended for a reasonable period of time.