If the Two Totals of a Trial Balance Are Not

question 211

Multiple Choice

If the two totals of a trial balance are not equal, it could be due to

• A) failure to record a transaction
• B) recording the same erroneous amount for both the debit and the credit parts of a transaction
• C) an error in determining the account balances, such as a balance being incorrectly computed
• D) recording the same transaction more than once

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Definitions:

Standardization

The process of making something conform to a standard, typically to facilitate compatibility and interoperability among multiple items or systems.

Government Regulation

The establishment of rules by government authorities designed to control and govern the conduct of industries, businesses, and individuals to ensure public welfare.

Adverse Selection

A situation where asymmetrical information leads to the selection of poor risks by one party in a contract or agreement.

Policy Premiums

The amounts paid for insurance policies by the insured to the insurer to provide coverage for various risks.