If in Preparing a Work Sheet an Adjusted Trial Balance

question 111

Multiple Choice

If in preparing a work sheet an adjusted trial balance amount is mistakenly sorted to the wrong work sheet column. The Balance Sheet columns will balance on completing the work sheet but with the wrong net income, if the amount sorted in error is:

• A) An expense amount placed in the Balance Sheet Credit column.
• B) A revenue amount placed in the Balance Sheet Debit column.
• C) A liability amount placed in the Income Statement Credit column.
• D) An asset amount placed in the Balance Sheet Credit column.
• E) A liability amount placed in the Balance Sheet Debit column.

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Definitions:

SAM

Usually refers to Serviceable Available Market, which is the portion of the market that can be captured or served by a company.

SOM

Abbreviation typically for "Share Of Market," referring to the percentage of a market controlled by a particular company, product, or brand.

Sanity Checks

Quick, basic tests or analyses run to ensure that assumptions or results are rational and feasible.

Market Size

The total volume or value of sales within a defined market over a specific period of time.