Tour Operators Must Obtain Approval for Air or Rail Components

question 38

True/False

Tour operators must obtain approval for air or rail components of their packages from the National Travel Association.

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Definitions:

Debit

An entry recorded on the left side of a T-account, representing an increase in assets or expenses or a decrease in liabilities, equity, or income.

Transposition Error

A mistake made when digits within a number are inadvertently reversed or misplaced in the recording process.

Slide Error

An accounting error resulting from moving decimal points improperly in figures, not due to mathematical mistakes.

Trial Balance

A trial balance is a bookkeeping worksheet in which the balances of all ledgers are compiled into debit and credit account columns to check the balance of a company's accounting system.