Which of the following statements is incorrect? In the double-entry accounting system maintained manually, a journal entry:
Question:
Which of the following statements is incorrect? In the double-entry accounting system maintained manually, a journal entry:
(a) Should be substantiated by the appropriate voucher and authorised at the proper level
(b) Is needed only in the absence of other suitable book of prime entry for the transaction
(c) Should always consist of a single debit entry matched by a corresponding credit entry
(d) Should always end with a narration explaining the need for it
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Related Book For
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
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