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-   -   Accounting error (https://www.askmehelpdesk.com/showthread.php?t=656604)

  • May 2, 2012, 11:23 AM
    saba999
    Accounting error
    Which of these errors is easiest to find and correct?

    a. Failure to record a transaction
    b. crediting Sales Revenue instead of Accounts Receivable for a payment
    c. the Accumulated depreciation balance in the debit column of a trial balance
    d. incorrect computation of the Notes Payable account balance
  • May 2, 2012, 11:28 AM
    pready
    C. Because you can see it on a trial balance. AccumulatedDepreciation is a Contra Asset account and it has a normal credit balance.

    The others would require some work into finding and correcting the error.
  • May 2, 2012, 02:17 PM
    saba999
    Thanks very much Pready, you explain in a good way.Is this possible you can reply my few other accounting questions?

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