Every Journal Entry

question 38

Multiple Choice

Every journal entry:

• A)must increase at least one account and decrease at least one account.
• B)must debit at least one account and credit at least one account.
• C)is recorded in either the journal or the ledger.
• D)affects both an income statement account and a balance sheet account.

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Definitions:

Accounts Payable Clerk

An accounting professional responsible for managing the company's bills and ensuring that debts to suppliers and creditors are paid properly and on time.

Approved Supplier Master File

A comprehensive list of suppliers that have been vetted and approved by a company to provide goods or services, ensuring quality and reliability.

Collusion

Collusion refers to a secret or illegal cooperation or conspiracy, especially among firms, to deceive or gain an unfair advantage.

Fraud Committee

A group formed within an organization tasked with overseeing the detection, investigation, and prevention of fraudulent activities and ensuring financial integrity.