Which of the Following Statements Is NOT True? the Book

question 64

Multiple Choice

Which of the following statements is NOT true? The book of original entry

• A) provides a chronological record of transactions.
• B) helps prevent and locate errors.
• C) is the same as the chart of accounts.
• D) helps ensure debits equal credits.

Recognize the significance of confidentiality and privilege in the attorney-client relationship.

Understand the role and responsibilities of the Public Company Accounting Oversight Board in overseeing public company audits.

Comprehend the legal responsibilities of accountants in detecting and reporting fraud or financial irregularities in a client’s books.

Understand the defenses available to professionals accused of negligence or misconduct.

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Definitions:

Principal

The initial sum of money placed in an investment or lent out, excluding any interest or earnings.

Treasury Bill

Short-term government securities issued at a discount from the par value and mature without additional interest.

Simple Interest

Interest computed solely on the initial sum, or on the unpaid balance of that initial sum.

Yield

The income return on an investment, such as the interest or dividends received, expressed as an annual percentage of the investment cost.