If the Balance Sheet Columns of a Work Sheet Fail

question 95

Multiple Choice

If the Balance Sheet columns of a work sheet fail to balance when the amount of the net income is added to the Balance Sheet Credit column,the cause could be:

• A)An expense amount entered in the Balance Sheet Debit column
• B)A revenue amount entered in the Balance Sheet Credit column
• C)An asset amount entered in the Income Statement Debit column
• D)A liability amount entered in the Income Statement Credit column
• E)An expense amount entered in the Balance Sheet Credit column

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Definitions:

Commission-Only

Describes a compensation structure where an employee or agent is paid solely based on the commission from the sales they generate.

Commission

A service charge assessed by a broker or agent for facilitating a transaction, typically a percentage of the transaction's total value.

Merchandise

Goods or items that are available for purchase in retail, including a wide range of products from clothing to electronics.

Commission Rates

The percentage or fixed payment associated with a commission, determined by the terms of the agreement.