A Company Erroneously Records a $500 Deposit as $50 in Its

question 50

Multiple Choice

A company erroneously records a $500 deposit as $50 in its records.What must it now do when reconciling its bank statement?

• A) It must increase the balance per its records by $500.
• B) It must increase the balance per its records by $450.
• C) It must decrease the balance per its records by $500.
• D) It must decrease the balance per its records by $450.

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Definitions:

Find Slope

The process of determining the steepness or incline of a line, calculated as the ratio of the vertical change to the horizontal change between two points on the line.

Passing Through

A term used to indicate that a line or curve intersects or goes exactly through a specific point or points on a graph.

Depreciated Value

The reduced value of an asset over time due to wear and tear, obsolescence, or aging.

Y-intercept

The point where a line crosses the y-axis of a graph, represented by the value of y when x equals zero.