Asked by Alyssa Grant on May 31, 2024
Verified
Amount incorrectly entered on trial balance
A) Trial balance preparation errors
B) Account balance errors
C) Posting errors
Challenging
Journalizing
The process of recording transactions in a journal. This is the first step in the accounting cycle, where financial transactions are initially recorded.
Posting Process
The procedure of recording financial transactions into the appropriate accounts within the ledger.
Amount Incorrectly
A term relating to a numerical value or sum that has been calculated, reported, or entered wrongly.
- Identify and categorize various errors encountered during the process of journalizing and posting.
Verified Answer
JL
Jasmine LeighJun 07, 2024
Final Answer :
A
Explanation :
Trial balance preparation errors occur when amounts are incorrectly entered on the trial balance, which is the process of compiling the balances of all ledger accounts to ensure that debits equal credits. This type of error specifically relates to the preparation phase of the trial balance, not the initial journalizing or posting of transactions to ledger accounts.
Learning Objectives
- Identify and categorize various errors encountered during the process of journalizing and posting.