The trial balance would automatically reveal the

Question 5 of 10 10.0/ 10.0 Points
The trial balance would automatically reveal the following error: Land was purchased for cash but instead of crediting
cash, the credit was made to Accounts Receivable.
A. True
B. False
Answer Key: False
Question 6 of 10 10.0/ 10.0 Points

Revenue is the difference between the selling price of a service and the cost of providing such service.
Question 7 of 10 10.0/ 10.0 Points
The primary function of the general ledger is to store transactions by account classification and to provide a balance of
each account.
Question 8 of 10 10.0/ 10.0 Points
Liabilities represent claims against the company’s assets and may be in the form of accounts payable or notes payable.
Question 9 of 10 10.0/ 10.0 Points
Even though an expense is recognized on the income statement, it may not require an equivalent outlay of cash in the
same period.
A. True
B. False
Answer Key: True
Question 10 of 10 10.0/ 10.0 Points
Expenses for an accounting period are: