How do accountants correct errors found immediately

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Reference no: EM132899815

Problem 1: A mistake caused by changing the order of digits when transferring figures from one place to another is known as:

Option 1: Correcting a journal entry

Option 2: A transposition error

Option 3: A decimal point error

Option 4: Remittance

Problem 2: How do accountants correct errors found immediately?

Option 1: White-it-out

Option 2: Erase it

Option 3: Cross it out

Option 4: Create new entry

Problem 3: Which of the following errors would cause the debits to be greater than the credits?

Option 1: A debit of $150 is posted as a credit.

Option 2: The bank account is over-added by $80.

Option 3: A debit of $40 is not posted.

Option 4: The drawings account balance of $3000 is missed when preparing the trial balance

Reference no: EM132899815

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