When Posting from the Journal to the Ledger, the Accountant

question 42

Multiple Choice

When posting from the journal to the ledger, the accountant failed to post a $52 debit to Cash. The effect of this error will be that the

• A) amounts in the journal will be in error.
• B) trial balance will not balance.
• C) total debits in the trial balance will be larger than the total credits.
• D) Cash account balance will be overstated.
• E) trial balance will not be affected.

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Definitions:

Assignment

The transfer of rights, property, or obligations from one party to another.

Delegation

The act of assigning responsibility or authority from one person to another to carry out specific activities.

Incidental Beneficiary

A third party who benefits from a contract between two other parties, albeit without any intention from the contracting parties to benefit the third party.

Contract

A legally enforceable agreement between two or more parties with mutual obligations.