Which of the Following Statements Is Not Correct

question 20

Multiple Choice

Which of the following statements is not correct?

• A) Use of a sales journal eliminates repetition in posting individual entries to the Accounts Receivable account in the general ledger.
• B) A journal that is used to record only one type of a transaction is called a special journal.
• C) The sales slip is the source document for sales on credit transactions.
• D) If the firm must collect sales tax on retail transactions,the sales journal should have a Sales Tax Payable Debit column.

---

Definitions:

Organizational Design

The process of shaping an organization's structure and roles to align with business objectives and strategy, facilitating efficiency and effectiveness.

Politics Of The Firm

Describes the internal dynamics, power struggles, and alliances within an organization that influence its decisions and functioning.

Technology Type

A categorization of technology based on its functionality, application, or the innovation it represents within a particular field.

Banks

Financial institutions that accept deposits from the public, offer savings and loans services, and play a critical role in the financial system.