Which of the following statements is not correct?
A. The balance of the owner's capital account on the adjusted trial balance will usually be different than that reported on the post-closing trial balance.
B. The audit trail should be used to trace data through the accounting records to find and correct errors.
C. The balance of the owner's capital account, as reflected on the post-closing trial balance, will match the amount reported on the income statement.
D. If the post-closing trial balance does not balance, there are errors in the accounting records.
Answer: C
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A rise in the real interest rate will cause consumer spending to
A. decline. B. not change. C. rise. D. rise at first, then decline later.
Which of the following factors is not relevant when assessing identified internal control deficiencies?
a. Weaknesses in the control environment. b. The absence of a material misstatement in the financial statements. c. Volume of transactions affected by the deficiency. d. Effectiveness of oversight/governance.
A pitfall to avoid in pursuing a differentiation strategy is
A. meeting and exceeding the meaningful gaps in quality, performance, service, and other attractive differentiating attributes offered by rivals. B. choosing a product offering that supports buyers' indifference to rival brands' offerings. C. trying to differentiate on the basis of attributes or features that are easily and quickly copied. D. spending on activities to differentiate the company's product to enhance profitability. E. charging a premium price for the differentiating features.
Refer to the payoff table. Using the Laplace criterion, what would be the highest expected payoff?
A) $103.3 B) $108.3 C) $120 D) $125 E) $145