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    Question

    Which of the following statement/s is/are incorrect

    related to the difference between Journal and cash book? ┬а┬а┬а┬а┬а┬а┬а I.┬а┬а┬а┬а┬а┬а┬а┬а┬а┬а┬а The journal is used to record all financial transactions in chronological order, while the cash book specifically records all cash and bank transactions. ┬а┬а┬а┬а┬а II.┬а┬а┬а┬а┬а┬а┬а┬а┬а┬а┬а The journal typically has a three-column format, on the other hand cash book has two-column format. ┬а ┬а III.┬а ┬а ┬а ┬а Transactions are recorded in the journal as soon as they occur, while entries in the cash book are typically made on a daily basis.
    A II only Correct Answer Incorrect Answer
    B II and III only Correct Answer Incorrect Answer
    C I and III only Correct Answer Incorrect Answer
    D All are incorrect Correct Answer Incorrect Answer

    Solution

    The journal typically has a two-column format, with one column for debits and one for credits. The cash book, on the other hand, has a three-column format, with one column for receipts, one for payments, and one for the balance.

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