A Trial Balance Would Only Help in Detecting Which One

question 150

Multiple Choice

A trial balance would only help in detecting which one of the following errors?

• A)A transaction that is not journalized
• B)A journal entry that is posted twice
• C)Offsetting errors are made in recording the transaction
• D)A transposition error when transferring the debit side of journal entry to the ledger

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Definitions:

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choice.

Implicit Costs

Indirect, non-out-of-pocket expenses which represent the opportunity costs of using resources owned by the firm for its operations.

Accounting Profit

The difference between total revenue and explicit costs.

Economic Profit

The difference between total revenue and total costs, including explicit and implicit costs.