Which of the Following Statements Is Correct? in a Manual

question 62

Multiple Choice

Which of the following statements is correct? In a manual accounting system:

• A) cash sales are recorded in the cash receipts journal.
• B) cash sales are recorded in the sales journal.
• C) cash sales are recorded in the general journal.
• D) sales of non-current assets on credit are recorded in the sales journal.

---

Definitions:

Securities Exchange Act

A United States law that governs the trading of securities, such as stocks and bonds, to protect investors from fraud.

Securities Act

A law enacted to regulate the securities industry, ensuring transparency, fairness, and protection of investors by requiring full disclosure of financial information from companies offering securities for public sale.

Red-herring

A Red-herring is a distraction or misleading piece of information that diverts attention away from the main issue.

Prospectus

An official document that provides detailed information about an investment, typically issued by companies in the process of going public.