Which of the Following Statements Is NOT Correct

question 11

Multiple Choice

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.

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Definitions:

Strategic Planning

Strategic planning is the process of defining a strategy or direction and making decisions on allocating resources to pursue this strategy, including capital and people, to reach identified goals.

Alternatives

Other options or courses of action that are available in a particular situation, typically considered when making decisions.

Competitive Advantage

The attributes or circumstances that allow an organization to produce goods or services more effectively than its competitors.

Strategy

A plan of action designed to achieve a long-term or overall aim.