Which of the following statements is not correct?
A) The description of a journal entry should include a reference to the source of the information contained in the entry.
B) If goods are purchased on credit, the supplier's invoice number is used as the source document for the transaction.
C) The credit portion of a general journal entry is always recorded first.
D) A firm should be able to trace amounts through the accounting records and back to their source documents.
Correct Answer:
Verified
Q10: The effects of each transaction are recorded
Q21: When an entry is made in the
Q22: The journal entry to record the receipt
Q31: The printed forms used for accounts appear
Q36: Posting is the _ step in the
Q37: If a transaction is properly analyzed and
Q39: When an entry is made in the
Q76: Notations that allow transactions to be quickly
Q77: A journal entry containing more than one
Q79: The process of recording transactions in a
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents