Which of the following statements is NOT true? The book of original entry
A) provides a chronological record of transactions.
B) helps prevent and locate errors.
C) is the same as the chart of accounts.
D) helps ensure debits equal credits.

Question

Quizplus · Accepted Answer

The book of original entry refers to the initial place where transactions are recorded, such as journals, which provide a chronological record of transactions, help in preventing and locating errors, and assist in ensuring that debits equal credits. It is not the same as the chart of accounts, which is a list of all the accounts available for recording transactions.

Which of the Following Statements Is NOT True? the Book