An Error Must Have Been Made If Which of the Following

question 207

Multiple Choice

An error must have been made if which of the following accounts appears on the post-closing trial balance with a balance other than zero?

• A)Equipment
• B)Common Stock
• C)Accumulated Depreciation
• D)Depreciation Expense

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Definitions:

Quantity Discount

A price reduction offered to buyers purchasing in large volumes or amounts.

Inventory

Materials or goods a business holds for the purpose of resale or production, representing a current asset on the balance sheet.

Operating Expenses

Regular costs incurred in the operation of a business, such as wages, utilities, and rent, excluding cost of goods sold.

Service Company

A business entity that provides services to individuals or other businesses, rather than producing goods.