the current balance in the cash account of williams company is $962. which of the following figures, if included on the trial balance as the cash account balance, would represent a transposition error? multiple choice $96.20 $922.00 $926.00

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19-12-2022
Business

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the current balance in the cash account of williams company is $962. which of the following figures, if included on the trial balance as the cash account balance, would represent a transposition error? multiple choice $96.20 $922.00 $926.00

Answer :

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KrishnaMitra KrishnaMitra · Answer 1 · 2022-12-22T00:25:53-05:00

The figures, if included on the trial balance as the cash account balance, would represent a transposition error is $926. Hence, option (c) will be regarded as suitable.

Give a brief account on transposition error.

A transposition error occurs when a bookkeeper records transactional data and unintentionally reverses two consecutive digits. Even while this mistake may appear to be of a minor nature, it frequently leads to significant financial discrepancies that can have a significant effect in other areas. Transcription errors, which encompass transpositional errors as well, are more common in financial service providers such as brokerages, accounting firms, and brokerage firms. Transposition mistakes are typically caused by human error. For instance, a bookkeeper can accidentally transfer data from an invoice onto a balance sheet when manually entering data into a ledger in accounting.

Incorrect check filling can also result in transposition problems, which can produce inappropriate payment amounts that can lead to overdrafts and other banking concerns.

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