Asked by Katelyn Goodridge on May 19, 2024
Verified
The use of special journals to record transactions
A) eliminates the need for a general ledger.
B) can save time in the posting process.
C) eliminates the need for a general journal.
D) should only be used if the volume of transactions is small.
Special Journals
Accounting journals designed for recording and categorizing specific types of transactions for efficiency and specialization.
Posting Process
The accounting procedure of transferring journal entry information to the ledger to update account balances.
General Ledger
The General Ledger is a complete record of all financial transactions over the life of a company, organized by accounts.
- Compare and contrast the operational roles of different journals found in accounting systems.
- Understand how special journals are used to streamline the accounting process.
Verified Answer
JA
Jessica AvilaMay 24, 2024
Final Answer :
B
Explanation :
Special journals are designed to record specific types of transactions such as sales, cash receipts, and purchases. By using these special journals, it can save time in the posting process because transactions do not have to be individually recorded in the general journal. This can lead to a more efficient and streamlined accounting system. However, the use of special journals does not eliminate the need for a general ledger.
Learning Objectives
- Compare and contrast the operational roles of different journals found in accounting systems.
- Understand how special journals are used to streamline the accounting process.