Which statement is false?
A) The general journal is still a necessity, even when special journals are used.
B) If a cash payments journal is in use, postings are usually made only at the end of the month.
C) All transactions involving the receipt of cash are recorded in the cash receipts journal.
D) A purchase of a desk calculator for the office should not be recorded in the purchases journal.
B
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During the year, a company incurred $520,000 of manufacturing overhead costs and allocated $480,000 of manufacturing overhead costs
At year-end, the adjustment entry needed to adjust the Manufacturing Overhead account balance to zero will include a debit to Cost of Goods Sold. Indicate whether the statement is true or false
Since 2002, the amount of assets invested in load funds have exceeded those invested in no-load funds.
a. true b. false