After Posting Is Completed, There May Be an Error If

question 70

Multiple Choice

After posting is completed, there may be an error if:

• A) The sum of the customer account balances does not equal the total in the sales journal.
• B) The sum of the accounts receivable ledger does not equal the balance in the Sales account.
• C) The sum of the customer account balances does not equal the general ledger Accounts Receivable controlling account balance.
• D) The balance in the sales journal does not equal the Accounts Receivable account balance.
• E) The sum of the accounts receivable ledger does not equal the balance in the sales journal.

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Definitions:

Market Price

The current price at which an asset or service can be bought or sold, determined by the supply and demand dynamics in the market.

Downward-Sloping Demand Curves

A graphical representation indicating that as the price of a good or service decreases, the quantity demanded increases, and vice versa.

Perfect Competition

A market structure characterized by a large number of small firms, identical products, and free entry and exit from the market.

Identical Goods

Products that are indistinguishable from each other in the eyes of the consumer, often associated with perfect competition markets.