Asked by Casual Commentator on Jun 05, 2024
Verified
Which of the following is false about a journal?
A) It discloses in one place the complete effects of a transaction.
B) It provides a chronological record of transactions.
C) It helps to prevent or locate errors because debit and credit amounts for each entry can be readily compared.
D) It keeps in one place all the information about changes in specific account balances.
Journal
A book or electronic record where all financial transactions of a business are initially recorded, often before posting to ledgers.
Chronological Record
An organized account of events, transactions, or entries in the order they occurred over time.
- Identify the sequential steps involved in the process of recording, which include analyzing transactions, journalizing them, and then posting these transactions.
Verified Answer
BS
Bayazid ShahabJun 11, 2024
Final Answer :
D
Explanation :
A journal does not keep all the information about changes in specific account balances in one place, rather it records the details of each transaction in chronological order. The information about changes in specific account balances is summarized and recorded in the ledger accounts.
Learning Objectives
- Identify the sequential steps involved in the process of recording, which include analyzing transactions, journalizing them, and then posting these transactions.