Corrections in Accounts Should NOT Be

question 53

Multiple Choice

Corrections in accounts should NOT be

• A) traceable.
• B) initialed.
• C) ruled.
• D) covered completely.

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Definitions:

Cash

A form of liquid asset that includes currency, coins, bank deposits, and other mediums of exchange that can be used immediately for transactions.

Trial Balance Totals

The aggregate amounts of all debits and credits in a company's trial balance, which should match to indicate that the accounting entries are balanced.

Journal Entry

A record in the accounting journal that details all the financial transactions of a business and their impact on its accounts.

Debit Portion

Part of a financial transaction that represents an increase in assets or expenses or a decrease in liabilities or equity, according to double-entry accounting principles.