Which of the Following Is Correct

question 13

Multiple Choice

Which of the following is correct?

• A) The manual ruling method can only be used to correct an error in the journal before posting.
• B) The correcting entry method can only be completed in two steps.
• C) The manual ruling method can be used to correct an error in the ledger after an entry has been posted.
• D) All of the answers listed are correct.

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Definitions:

Dishonored

Refused; specifically, a payment that has been refused despite a holder’s presenting an instrument in a timely and proper manner.

Refusal To Pay

The act of deliberately not making a payment that is due, typically in the context of bills, debts, or other financial obligations.

Endorsement

The act of signing one's name on the back of a check or other negotiable document, transferring its legal title or rights to another individual or entity.

Transfer Warranties

Guarantees provided by a seller regarding the legality of transferring ownership of goods.