The Difference Between the Totals of the Debit and Credit

question 129

Multiple Choice

The difference between the totals of the debit and credit columns of the Adjusted Trial Balance columns on the end-of-period spreadsheet

• A) is the amount of net income or loss
• B) indicates there is an error on the end-of-period spreadsheet
• C) is the amount of retained earnings
• D) is the difference between revenue and expenses

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Definitions:

Security Agreement

A legal document that provides a lender a security interest in a specific asset or property pledged as collateral for a loan.

Collateral

Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower defaults.

Value

The importance, worth, or usefulness of something, often determined by its desirability, utility, or rarity.

UCC

A comprehensive set of laws governing commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across jurisdictions.