Which Statement Is Not True

question 65

Multiple Choice

Which statement is not true?

• A)The journal voucher is the only source of input into the general ledger.
• B)A journal voucher can be used to represent summaries of similar transactions or a single unique transaction.
• C)Journal vouchers are not used to make adjusting entries and closing entries in the general ledger.
• D)Journal vouchers offer a degree of control against unauthorized general ledger entries.

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Definitions:

Credit Sales

Sales for which payment is not received at the time of purchase, allowing customers to pay at a later date, thereby creating receivables for the seller.

Cash Sales

Transactions where payment is made in cash at the time of purchase, without the extension of credit.

Inventory

The goods and materials that a business holds for the ultimate purpose of resale or production.

Accounts Payable

Refers to the amounts due by a company to its creditors for goods or services received that have not yet been paid for.