_____ Errors Occur at the Functional Level

question 56

Multiple Choice

_____ errors occur at the functional level.

• A) Phrase
• B) Sentence
• C) Sound
• D) Word

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Definitions:

Canceled Check

A check that has been paid or cleared by the bank it was drawn on and thus is marked as "canceled," making it no longer negotiable.

Journal

A record where all financial transactions are initially entered, which may later be posted to a ledger.

Company's Records

Company's records comprise all documents, books, papers, and financial statements that depict the business transactions and financial status of a company.

Credit Memo

A document issued by a seller to a buyer, reducing the amount that the buyer owes to the seller under the terms of an existing invoice.