Recording an Account with a Debit Balance as a Credit,or

question 40

True/False

Recording an account with a debit balance as a credit,or vice versa,will cause the trial balance to be out of balance by an amount that is evenly divisible by 2.

---

Definitions:

Net Pay

Net pay refers to the amount of money an employee takes home after all deductions, such as taxes and retirement contributions, have been subtracted from their gross salary.

FICA Social Security

A U.S. government program funded by payroll taxes, providing retirement benefits, disability income, and survivor benefits.

FICA Medicare

A federal payroll (or employment) tax used to fund the Medicare program, split between employers and employees.

Federal Income Taxes

Taxes levied by the federal government on yearly earned income.