Which of the Following Statements Regarding Special Journals Is Not

question 69

Multiple Choice

Which of the following statements regarding special journals is not true?

• A)The balances in a special journal must always reconcile to the general ledger.
• B)Special journals are used to record large numbers of repetitive transactions.
• C)Special journals are periodically summarized and posted to the general ledger.
• D)Special journals provide a specialized format for recording similar transactions.

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Definitions:

Fraud

Intentional misleading to achieve unjust advantage or illegal benefit, or to cheat someone out of a lawful entitlement.

Executory Contract

A contract under which both parties to the agreement have outstanding obligations or performance yet to be completed.

Novated

The process of replacing an original contract with a new one, transferring rights and obligations to another party.

Section 29

Without additional context, this is too vague, but it could refer to a specific section of a law or regulation depending on the context.