The bookkeeper recorded the following journal entry Which one of the following statements is false?
A)This entry is only prepared on the last day of the accounting period.
B)There should be written authorization for this transaction from someone who does not have responsibilities related to recording cash.
C)There could be a violation of internal control policies.
D)James' account was written off because it was determined to be uncollectible.

Question

The bookkeeper recorded the following journal entry  Which one of the following statements is false?
A)This entry is only prepared on the last day of the accounting period. 
B)There should be written authorization for this transaction from someone who does not have responsibilities related to recording cash. 
C)There could be a violation of internal control policies. 
D)James' account was written off because it was determined to be uncollectible.

Quizplus · Accepted Answer

There is no information in the given journal entry that suggests it is only prepared on the last day of the accounting period. In fact, journal entries can be prepared at any time during the accounting period to record transactions. The other statements are all potentially true: written authorization may be required to ensure proper internal controls; a violation of internal control policies could occur if proper authorization is not obtained; and James' account could be written off as uncollectible.

The Bookkeeper Recorded the Following Journal Entry Which One