Which of the Following Statements Is True About Errors in the Financial

question 71

Multiple Choice

Which of the following statements is true about errors in the financial statements of a company?

• A) Errors are a result of intentional mistakes made while recording or posting transactions.
• B) Errors are not intentional and when detected are immediately corrected.
• C) Errors are not intentional and therefore do not need to be corrected.
• D) Errors are usually an intentional attempt at fraud.

---

Definitions:

B1C E-commerce

Business-to-Consumer electronic commerce, a model in which businesses sell goods, services, or information directly to consumers online.

B2B E-commerce

Business-to-business electronic commerce involves the online sale of products or services from one business to another.

B2C E-commerce

B2C E-commerce refers to the online selling of goods or services directly to consumers, bypassing traditional retail.

Cash Receipts Journal

A financial journal used to record all cash inflows, tracking receipts from sales, loans, investments, and other sources.