If a Company Erroneously Records a $50 Check Received from a Customer

question 57

Multiple Choice

If a company erroneously records a $50 check received from a customer as $500 in its records, which of the following must occur when reconciling its bank statement?

• A)The company must increase the balance per its records by $500.
• B)The company must increase the balance per its records by $450.
• C)The company must decrease the balance per its records by $500.
• D)The company must decrease the balance per its records by $450.

---

Definitions:

Cultural Heritage

The legacy of physical artifacts and intangible attributes of a group or society passed down from generation to generation, including customs, practices, places, objects, artistic expressions, and values.

Cultural Differences

Variations in the customs, beliefs, practices, and social behavior of different societies or communities.

Race

A social construct used to categorize humans into large and distinct groups based on physical characteristics, ancestry, historical affiliations, or shared culture.

Family Hierarchy

The structured order of importance or authority within a family unit, influencing roles and interactions.