The Error That Would Be Detected by a Trial Balance

question 37

Multiple Choice

The error that would be detected by a trial balance is:

• A) a cash sale was recorded as $463 in the sales account and recorded as $643 in the cash account.
• B) electricity expense recorded as advertising expense.
• C) a cashier pocketed $20 from a cash sale worth $40 and entered the sales total as $20 on the register.
• D) services provided to a customer on credit were recorded as a cash transaction.

Recognize the necessity and components of a good internal control system.

Understand the workflow of customer transactions in QBO, including payment collection and bank deposits.

Identify various organs and structures of the digestive system using diagrams.

Understand the secretion process and the role of salivary glands in digestion.

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Definitions:

Payee

The individual or entity to whom a check, draft, or promissory note is made payable.

First in Time

A principle stating that rights or privileges are assigned to those who are first to take action or establish legal claim.

Priority in Bankruptcy

The ranking order established by bankruptcy law that determines the sequence in which creditors are paid from a debtor's estate.

Accounts Receivables

The amounts of money owed to a company by customers for goods or services that have been delivered or used but not yet paid for.