A lien is a claim against an asset, often to get a loan. All debts related have to be paid before it is removed.
Some accounting errors that cause the difference between the debits and credits columns of the trial balance are as follows:
- Data entry errors
- Errors of omission
- Errors of commission
- Errors of transposition of one side of the entry
- Compensating errors
- Errors of duplication
- Errors of principle
- Errors of entry reversal
These errors are called accounting discrepancies. They are not intentional mistakes, but they often occur.
Thus, to forestall accounting errors, every company requires good accounting software to record its transactions, while the accounting staff should be adequately trained.
Learn more about the accounting errors that cause the trial balance not to balance at brainly.com/question/25671653
Answer:
The answer is: $0
Explanation:
Government entities have to record grant revenue during the period that they occur. The city received notice of this grant last year, so they recorded the grant revenue in last year's financial statements. If they recognize any grant revenue this year, it must come from a new grant.
