It Is Obvious That an Error Occurred in the Preparation

question 80

Multiple Choice

It is obvious that an error occurred in the preparation and/or posting of closing entries if:

• A)all revenue and expense accounts have zero balances.
• B)the retained earnings account is debited for the amount of the net loss for the period.
• C)the income summary account is debited for the amount of net income for the period.
• D)all balance sheet accounts have zero balances.
• E)only permanent accounts appear on the post-closing trial balance.

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Definitions:

MMPI-2

The Minnesota Multiphasic Personality Inventory-2 is a psychological test that assesses personality traits and psychopathology. It is widely used for clinical diagnosis, treatment planning, and research in mental health.

Cattell 16PF

A personality assessment tool developed by Raymond Cattell, which identifies sixteen personality factors or traits.

Oral Stage

The first stage in Freud's psychosexual stages of development occurring from birth to 18 months, where pleasure centers on the mouth through activities such as sucking and biting.

Psychosexual Development

A theory by Freud that suggests children pass through a series of stages centered on erogenous zones; successful navigation through these stages is crucial for healthy personality development.