The Entry to Close the Withdrawal Account Was Entered in Reverse

question 56

Multiple Choice

The entry to close the Withdrawal account was entered in reverse - the Withdrawal account was debited and Capital credited. This error would cause

• A) Capital to be understated.
• B) net income to be overstated.
• C) net income to be understated.
• D) Withdrawals to be overstated.

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Definitions:

Central Concern

The primary or most significant issue at hand in a therapeutic, discussion, or problem-solving context.

Reality Therapy

A counseling method focusing on current issues and how to solve them, advocating for responsible behavior and fulfilling relationships.

Responsibility

The obligation to act correctly and make decisions that reflect an awareness of the impacts on oneself and others.

Existential Therapies

A group of psychotherapeutic approaches that emphasize dealing with existential questions and concerns, focusing on themes such as freedom, death, existential isolation, and meaninglessness.