ACCT.WARD.16.LO: 2-04 - LO: 2-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.05 - Accounting Cycle ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following errors will cause the trial balance totals to be unequal? posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted failure to record a transaction or to post a transaction recording the same transaction more than once recording the same erroneous amount for both the and the credit parts of a transaction a ANSWER: Moderate DIFFICULTY: Bloom’s: Remembering ACCT.WARD.16.02-04 - 02-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.05 - Accounting Cycle ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred. What will the accountant do to confirm this suspicion? Determine the amount of the error and look for that amount on the trial balance. Determine the amount of the and divide by two, then look for that amount on the trial balance. Determine the amount of the error and refer to the journal entries for that amount. Determine the amount of the and divide by nine. If the result is evenly divided, then this type of error is likely. d ANSWER: Challenging DIFFICULTY: Remembering ACCT.WARD.16.02-04 - 02-04 LEARNING OBJECTIVES: ACCT.ACBSP.APC.05 - Accounting Cycle ACCREDITING STANDARDS: ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a: credit to Accounts Receivable for $500 b. credit to Accounts Receivable for $1,000 credit to Accounts Payable for $500 d. credit to Accounts Payable for $1,000 c ANSWER: Moderate DIFFICULTY: Bloom’s: Applying
LEARNING OBJECTIVES: ACCT.WARD.16.LO: 2-04 - LO: 2-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic Which of the following errors will cause the trial balance totals to be unequal? posting the debit portion of a journal entry incorrectly when the credit portion of the entry is correctly posted failure to record a transaction or to post a transaction recording the same transaction more than once recording the same erroneous amount for both the and the credit parts of a transaction ANSWER: a DIFFICULTY: Moderate Bloom’s: Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-04 - 02-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The trial balance is out of balance and the accountant suspects that a transposition or slide error has occurred. What will the accountant do to confirm this suspicion? Determine the amount of the error and look for that amount on the trial balance. Determine the amount of the and divide by two, then look for that amount on the trial balance. Determine the amount of the error and refer to the journal entries for that amount. Determine the amount of the and divide by nine. If the result is evenly divided, then this type of error is likely. ANSWER: d DIFFICULTY: Challenging Remembering LEARNING OBJECTIVES: ACCT.WARD.16.02-04 - 02-04 ACCREDITING STANDARDS: ACCT.ACBSP.APC.05 - Accounting Cycle ACCT.ACBSP.APC.09 - Financial Statements ACCT.AICPA.FN.03 - Measurement BUSPROG: Analytic The purchase of supplies on account was recorded and posted as a debit to Supplies for $500 and a credit to Accounts Receivable for $500. The correcting entry would include a: credit to Accounts Receivable for $500 b. credit to Accounts Receivable for $1,000 credit to Accounts Payable for $500 d. credit to Accounts Payable for $1,000 ANSWER: c DIFFICULTY: Moderate Bloom’s: Applying
Test-Bank-for-Accounting-26th-Edition-by-Warren.docx