ACCT.PRINCIPLES (LL)
14th Edition
ISBN: 9781119707110
Author: Weygandt
Publisher: WILEY
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Andrea Pafko, a fellow student, contends that the doubleentrysystem means that each transaction must berecorded twice. Is Andrea correct? Explain.
Good morning, earlier I posted this question. However my professor said it wasnt correct. shes provided me with the answer to double check myself.
Can someone please verify if my answer is correct and explain why if it is not. thank you.
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- Which of the following is true of the correcting entry method? a.It cannot be used to correct a manual entry. b.It cannot be used to correct computerized entry. c.It can be used only to correct an error before posting has taken place. d.It can be used to correct both manual and computerized entries.arrow_forwardI want to verify I'm doing this correctly. If not, please expalin why.arrow_forwardWhich of the following control procedures mitigates the threat of duplicate payments? Select one: a. When an invoice is paid, the invoice and the entire voucher package should be canceled (for example marked “paid”) in a way that it cannot be submitted again. b. When evaluated receipt settlement (invoice-less system) is used, receiving reports need not be marked as paid as no invoices are generated. c. Photocopied invoices can be paid. d. Invoices should be approved for payment only when accompanied by a valid purchase order.arrow_forward
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