I’m not to sure about the following and need some assistance Please
The chart of accounts __________.
is a numbered list of all of the business’ accounts
allows accounts to be located quickly
can be expanded as the business grows
All of the above answers are correct.
I think is D
A debit to an asset account was posted to an expense account. This error would cause __________.
liabilities to be overstated
expenses to be overstated
assets to be understated
Both B and C are correct.
I think is B
A debit to a liability account was posted to the capital account. This error would cause __________.
assets to be overstated
liabilities to be overstated
capital to be overstated
None of the above answers are correct.
A debit to a liability account was posted to a revenue account. This would cause __________.
assets to be overstated
liabilities to be overstated
capital to be overstated
revenue to be overstated
A debit to a revenue account was posted to an expense account. This would cause __________.
expenses to be overstated
revenue to be understated
expenses to be understated
capital to be overstated
