Which of the Following Statements Is Not Correct

question 37

Multiple Choice

Which of the following statements is not correct?

• A) If the post-closing trial balance does not balance,there are errors in the accounting records.
• B) The audit trial should be used to trace data through the accounting records to find and correct errors.
• C) The balance of the owner's capital account,as reflected on the post-closing trial balance,will match the amount reported on the income statement.
• D) The balance of the owner's capital account on the adjusted trial balance will usually be different than that reported on the post-closing trial balance.

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Definitions:

Quorum

The minimum number of members of a deliberative body necessary to conduct the business of that group.

Special Shareholder Meeting

A meeting outside the scheduled annual shareholder meetings, often called to discuss and vote on urgent issues.

High-Mach

Refers to individuals with a high Machiavellianism trait, characterized by manipulativeness, a cynical worldview, and a focus on personal gain over ethics.

Threatens Employees

Situations or actions that create a perceived risk to the security or well-being of workers.