If an Accountant Erroneously Records an $8,000 Credit to Accounts

question 9

Multiple Choice

If an accountant erroneously records an $8,000 credit to Accounts Payable instead of an $8,000 debit to the Cash account,the Accounts Payable account will be

• A)understated by $8,000.
• B)overstated by $8,000.
• C)understated by $16,000.
• D)overstated by $16,000.
• E)correct since the erroneous entry caused the trial balance to equal.

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Definitions:

Factor-Comparison Method

A systematic approach in job evaluation, where jobs are compared based on key factors to establish relative worth.

Benchmark Jobs

Key positions within an organization used as a standard or reference to evaluate the value of other jobs or to establish pay scales.

Job Analysis

Is the process of gathering and organizing detailed information about various jobs within an organization so that managers can better understand the processes through which they are performed most effectively.

Consensus

A decision-making process that seeks unanimity, general agreement, or at least the absence of active opposition among members of a group.