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Author Question: Transactions which do not affect the cash account do not need to be entered in the journal, since ... (Read 61 times)

PhilipSeeMore

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on: Jul 5, 2018
Transactions which do not affect the cash account do not need to be entered in the journal, since they do not affect net income or loss.
 a. True
   b. False
   Indicate whether the statement is true or false

Question 2

Which of the following departments is most likely to be a profit center?
 
  A) the accounting department of a company that also assists in budgeting process
  B) the research and development department of a company
  C) the sales department of a company whose objective is to maximize the revenues
  D) the consulting department of a law firm


bblaney

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Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

Answer: D


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