Just Before Preparing Financial Statements, an Inexperienced Accountant Recorded the Use

question 29

Multiple Choice

Just before preparing financial statements, an inexperienced accountant recorded the use of supplies by debiting supplies expense $100 and debiting supplies $100.Which of the following is most true?

• A)The transaction was recorded correctly.
• B)The unadjusted trial balance will be an effective internal control for detecting any error.
• C)The adjusted trial balance will be an effective internal control for detecting any error.
• D)Sequential transaction numbering will be an effective internal control for detecting any error.

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Definitions:

Stereotypical

Pertaining to a fixed, overly simplistic, and generalized belief or idea about a particular group of people or thing.

Defensive Attribution

A psychological process in which individuals attribute causes to events in a way that defends themselves from feelings of vulnerability and mortality.

Victims

Individuals who have suffered harm or injury as a result of an action or event.

Misfortune

An instance of bad luck or an unfortunate condition or event affecting someone's life or circumstances.