A Credit Balance in Which of the Following Accounts Would

question 100

Multiple Choice

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

• A) Fees Earned
• B) Salary Expense
• C) Janet James, Capital
• D) Accounts Payable

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Definitions:

Consumer Product Safety Commission

A U.S. federal agency responsible for the regulation of the sale and manufacture of consumer products to ensure they do not pose a risk of injury or harm to the public.

Product Safety Standards

Regulations established to ensure that products meet minimal safety criteria to protect consumers.

Equal Credit Opportunity Act

A United States law that makes it unlawful for any creditor to discriminate against any applicant, with respect to any aspect of a credit transaction, on the basis of race, color, religion, national origin, sex, marital status, or age.

Extension Of Credit

An agreement to allow a purchaser to pay for goods or services at a future date, typically involving interest fees.