A Trial Balance Showed Total Debits of $540,000 and Total

question 44

Multiple Choice

A trial balance showed total debits of $540,000 and total credits of $450,000. This discrepancy is most likely due to which type of error?

• A)Slide
• B)Transposition
• C)Mislabeling
• D)Failure to post a transaction

Grasp the objectives and significant components of internal control systems.

Acknowledge the impact and requirements of the Sarbanes-Oxley Act on internal controls and financial reporting.

Recognize the importance of separate ledger accounts for different forms of cash.

Understand the enhancement of internal control through the separation of functional responsibilities.

---

Definitions:

Net Income

The total earnings of a company after subtracting all expenses from revenues, including taxes and interest.