Journalizing transactions using the double-entry bookkeeping system will eliminate fraud.

Question

Quizplus · Accepted Answer

Journalizing transactions using the double-entry bookkeeping system is a good accounting practice that helps prevent errors and ensures accurate record keeping. However, it does not necessarily eliminate fraud, as fraudulent activities can still occur through other means such as falsifying documents, misappropriation of assets, or collusion among individuals. The prevention of fraud involves a combination of internal controls, independent audits, and ethical business practices.

Journalizing Transactions Using the Double-Entry Bookkeeping System Will Eliminate Fraud