Question

    Which of the following statements best describes a

    journal in accounting?
    A A book that records all transactions in chronological order Correct Answer Incorrect Answer
    B A statement of financial position of a company Correct Answer Incorrect Answer
    C A summary of all the transactions in a given period Correct Answer Incorrect Answer
    D A record of all the debits and credits in a ledger account Correct Answer Incorrect Answer

    Solution

    A journal is a book of original entry that records all transactions in chronological order. Each entry in the journal includes the date of the transaction, the accounts affected, and the amount of the transaction.

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