Which of the Following Statements Is FALSE Regarding a Proper

question 137

Multiple Choice

Which of the following statements is FALSE regarding a proper journal entry?

• A) Debits are always listed first in the entry.
• B) Credits are always indented.
• C) Skip a line between transactions.
• D) Always list the assets first.

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Definitions:

Break-Even Point

The point at which total revenues equal total costs, and the business makes neither profit nor loss.

Fixed Expenses

A repackaged definition of fixed costs emphasizing their nature as constant across different levels of output or sales.

Selling Price

The amount of money charged to the buyer for a product or service.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue, indicating the company's bottom line.