An accountant forgets to record a transaction. What type of error is this?
2 answers:
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Answer:
option (c) 475
Step-by-step explanation:
let the automobile installment credit be 'C'
Given:.
Automobile installment credit accounted for 36 percent of all outstanding consumer installment credit
Now,
57 billion is of automobile installment credit
or
57 billion = × C
or
C = 57 × 3
or
C = 171 billion
now,
installment credit accounted = 36% of all outstanding consumer installment credit
or
171 billion = 0.36 × all outstanding consumer installment credit
or
All outstanding consumer installment credit = $475 billion
Hence, the correct answer is option (c) 475