Which of the Following Statements Is False Regarding a Proper

question 81

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:

Flexible Budget

A budget that adjusts or varies with changes in volume or activity, providing a valuable tool for performance evaluation.

Master Budget

A master budget integrates various financial plans and forecasts of a company, serving as a comprehensive financial framework for the upcoming fiscal period.

Direct Materials

Basic materials that can be directly linked to the creation of a product and are essential components of the end product.

Budgeted Manufacturing

The estimated amounts and costs associated with the production process, as planned for a specific period.