Which of the Following Errors Would Cause the Balance Sheet

question 107

Multiple Choice

Which of the following errors would cause the Balance Sheet and Statement of Changes in Equity columns of a work sheet to be out of balance?

• A) Entering an asset amount in the Income Statement Debit column.
• B) Entering a liability amount in the Income Statement Credit column.
• C) Entering an expense amount in the Balance Sheet and Statement of Changes in Equity Debit column.
• D) Entering a revenue amount in the Balance Sheet and Statement of Changes in Equity Debit column.
• E) Entering a liability amount in the Balance Sheet and Statement of Changes in Equity Credit column.

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Definitions:

Rational Self-Interest

The principle that individuals will make decisions that benefit themselves, assuming they have all necessary information and make rational choices.

Values

Fundamental beliefs or standards of an individual or society guiding behavior and decision-making.

Sold

The process whereby an item, service, or asset is exchanged for money or other consideration, resulting in a transfer of ownership.

Foreclosed

The legal process by which an owner's right to a property is terminated, usually due to failure to make mortgage payments.