A Debit Balance in Which of the Following Accounts Would

question 65

Multiple Choice

A debit balance in which of the following accounts would indicate a likely error?

• A) Salaries expense
• B) Accounts payable
• C) Inventory
• D) Equipment

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Definitions:

Tenancy from Month to Month

A rental agreement where the lease period is for one month, automatically renewing each month until either the landlord or tenant decides to terminate it.

Tenancy at Sufferance

A situation where a tenant remains in possession of property after the expiration of the lease, without the consent of the landlord but without being evicted.

Landlord's Rights

Legal rights afforded to landlords, including the right to collect rent, manage property, and evict tenants under certain conditions.

Fair Market Value

The price at which a property would sell on the open market between a willing buyer and seller, each possessing reasonable knowledge of relevant facts and neither being under any compulsion to buy or sell.