Question
Which of the following statement/s is/are incorrect
related to the difference between Journal and cash book? I. The journal is used to record all financial transactions in chronological order, while the cash book specifically records all cash and bank transactions. II. The journal typically has a three-column format, on the other hand cash book has two-column format. III. Transactions are recorded in the journal as soon as they occur, while entries in the cash book are typically made on a daily basis.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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