Following Is a List of Errors Made During the Posting

question 170

Essay

Following is a list of errors made during the posting process.Indicate the exact dollar impact each error would have on total assets,total liabilities,and shareholders' equity.Complete the chart below by using (+)to indicate overstated,(-)to indicate understated,and (0)to indicate no effect.Transaction (a)is completed as an example.
a.A $200 credit to the Accounts Payable account was posted as $2,000.
b.A $50 debit to Cash was never posted.
c.A $550 credit to the Revenue account was credited to the Accounts Receivable account.
d.A $45,000 debit to the Land account was debited to an expense account.
e.A $200 payment on an account payable was credited to Accounts Receivable instead of Cash.
f.A $350 debit to the Dividends account was posted as $530.
b.
c.
d.
e.
f.

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Definitions:

Zero Variance

A statistical condition in which all data points in a set are identical, offering no variability among them.

Expected Returns

The expected yield from an investment, considering the likelihood of different results.

Positive Variance

The difference between actual performance and expected performance where the actual outcome is more favorable than what was anticipated.

Weights

In finance, it refers to the proportion of each component's value in a portfolio or in a weighted average calculation.