Assume That a Company Using a Purchases Journal Made an Error

question 53

Multiple Choice

Assume that a company using a purchases journal made an error in totaling the journal's accounts payable column. The error should be discovered:

• A) When the purchases journal is posted to the general ledger.
• B) When the sum of the vendor accounts does not equal the balance in the Purchases journal.
• C) When the total of the schedule of accounts payable is compared with the balance of the Accounts Payable account.
• D) When the creditors receive their payments.
• E) When the financial statements are prepared.

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Definitions:

Autobiographical Knowledge

Refers to a person's memory of personal experiences and events, including the times, places, emotions, and other contextual who, what, when, where, and why details of one's life.

Preoperational Thought

A stage in Piaget's theory of cognitive development, where children aged 2-7 years exhibit symbolic thinking but lack the ability for logical operations.

Concrete Operational

A stage in Piaget's theory of cognitive development during which children gain the ability to think logically about concrete events.

Decentered

In developmental psychology, a term referring to the ability to take multiple aspects of a situation into account, seeing things from more than one perspective.