All categories

3 years ago

Which among the 4 common errors that leads to unbalanced account is the EASIEST to resolve. Explain Why.

1 answer:

4 0

The common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication.

In accounting, there are different type of error that could result to the unbalanced account, that is, leaving the Trial balance or Balance sheet unbalanced.

Generally, the recognized type of errors in accounting includes:

Error of Original Entry
Error of Duplication
Error of Omission
Error of Entry Reversal
Error of Principle
Error of Commission
Transposition Errors
Rounding Errors etc

In conclusion, the common errors that leads to unbalanced account and are the easiest to resolve includes the error of Omission, Commission. Original Entry and Duplication because they are easy to correct.

Read more about this here

brainly.com/question/5188412

You might be interested in

Which of the following is a provision of the CARD Act? Group of answer choices Lenders cannot bribe an appraiser to misstate a h

Vlad [161]

Answer:

Credit card bills must be mailed at least 21 days ahead of their due dates.

Explanation:

A credit card can be defined as a small rectangular-shaped plastic card issued by a financial institution to its customers, which typically allows them to purchase goods and services on credit based on the agreement that the amount would be paid later with an agreed upon interest rate.

CARD is an acronym for Card Accountability Responsibility and Disclosure and it is an act (federal statute) signed by President Barack Obama on the 22nd of May, 2009 after it was passed by the Congress of the United States of America.

A provision of the CARD Act is that, Credit card bills must be mailed at least 21 days ahead of their due dates so as to avail the card holders (users) an ample amount time to pay from the time it was mailed.

7 0

3 years ago

Lynn wants to share parts of an essay she wrote in her slide presentation.

Paha777 [63]

Answer:

I'd say D

Explanation:

4 0

3 years ago

Brandeis Corporation has two production Departments: P1 and P2 and two service departments: S1 and S2. Direct costs for each dep

luda_lava [24]

Answer:

a. $90,875

Explanation:

Provided information we have,

Individually allocated cost

S1 = $62,000 S2 = $102,000 P1 = $162,000 P2 = $142,000

Firstly under step method cost allocation will be from S1 to S2, P1, P2

Ratio = 0.7 : 0.1: 0.2

Thus allocated to S2 = $62,000 $\times$ 0.7 = $43,400

P1 = $62,000 $\times$ 0.1 = $6,200

P2 = $62,000 $\times$ 0.2 = $12,400

Total cost of S2 = $102,000 + $43,400 = $145,400

Ratio between S1: P1: P2 = 0.2:0.3:0.5

Amount allocated to P1 = $145,400 $\times$ $\frac{0.3}{0.8}$

= $54,525

Amount allocated to P2 = $145,400 $\times$ $\frac{0.5}{0.8}$

= $90,875

Therefore, correct option is

a. $90,875

4 0

3 years ago

Three major areas of concern when providing financial information to the larger investing community are language, currency, and

Arte-miy333 [17]

Answer:

The correct answer is letter "B": exchange rates.

Explanation:

Financial Statements are a picture of the company's financial health for a given period of time at a given point in time. The Financial Statements provide a collection of data about a company's financial performance, its current conditions and its cash flows.

When providing the Financial Statements to investors, the language, currency, and exchange rate of the transactions of the firm are the main areas that concern the potential stockholders.

7 0

4 years ago

Using a coupon on your cell phone when checking out at the Hard Rock Café, or checking in to a retail location using Foursquare

vazorg [7]

Answer:

c. Mobile Retailing.

Explanation:

Using a coupon on your cell phone when checking out at the Hard Rock Café, or checking in to a retail location using Foursquare mobile app is an example of Mobile Retailing.

Mobile retailing can be defined as the process of buying or shopping for goods and services through the internet by using a smartphone, mobile device or tablets. It is one of the convenient ways, potential customers use to engage in e-commerce.

4 0

4 years ago