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:

States

Politically organized bodies of government with sovereign power within a defined territory.

Due Process

A fundamental principle of fairness in all legal matters, both civil and criminal, especially in the courts, guaranteeing the right to a fair trial and due process of law.

Fifth Amendment

An amendment to the U.S. Constitution that guarantees several rights related to legal proceedings, including protection against self-incrimination and double jeopardy, and ensures due process.

Federal Government

The national government of a federation, responsible for governing the entire country.