Select the Correct Statement from the Following

question 68

Multiple Choice

Select the correct statement from the following:

• A)General ledger employees should not have custody of any assets that they record in the general ledger.
• B)General ledger employees should never be given responsibility for authorizing any journal vouchers.
• C)General ledger employees should only record journal vouchers that have been authorized by the appropriate manager.
• D)All of the above are correct.

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Definitions:

Services Contract

An agreement between parties where one agrees to provide a specified service to the other in exchange for compensation.

Auto Lease

An auto lease is a contractual agreement where one party, the lessor, provides an automobile to another party, the lessee, for a specified period, in exchange for regular payments.

Consumer

An individual who purchases goods and services for personal use.

Sale Under UCC

Transaction of goods governed by the Uniform Commercial Code, a set of laws regulating sales and commercial transactions in the United States.