Journalizing eliminates fraud.

Name: Journalizing eliminates fraud.
Brand: Quizplus
Rating: 4.7 (33 reviews)

Question

Quizplus · Accepted Answer

Journalizing is the process of recording financial transactions in a journal or general ledger, and it is an essential part of the accounting cycle. While it can help to detect fraud, it does not eliminate it completely. Fraud can still occur in various ways, such as falsifying documents, misrepresenting facts, or collusion between individuals. Adequate internal controls and audits are necessary to prevent and detect fraud.

Journalizing Eliminates Fraud