With respect to the recording of transactions,which of the following statements is true?
A)Proper recording of transactions is essentially about completeness.
B)Proper recording of transactions is essentially about accuracy.
C)Proper recording of transactions is essentially about storing data in only one place.
D)None of the options are correct.

Question

Quizplus · Accepted Answer

Proper recording of transactions is about both completeness and accuracy, but accuracy is more essential as it ensures that the financial statements are reliable and can be used for decision-making. Storing data in only one place is not necessarily a requirement for proper recording, as long as the data is properly documented and can be easily accessed and tracked.

With Respect to the Recording of Transactions,which of the Following