If a Posting Error Has Occurred When Recording a Transaction

question 176

Multiple Choice

If a posting error has occurred when recording a transaction by posting a debit as a credit, then the out-of-balance amount will be evenly divisible by:

• A) 11.
• B) 9.
• C) 2.
• D) 5.

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Definitions:

Partnership Books

The official financial records and accounts kept by a partnership, detailing transactions, assets, liabilities, and equity.

Assignment

The transfer of rights, property, or responsibilities from one party to another.

Dissolution

The process of formally closing or ending a business, organization, or partnership, typically involving the distribution of its assets.

Insolvent

A financial state where an individual or entity cannot meet their financial obligations as debts become due.