BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Ledger Posting
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Journal Entry
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Trial Balance
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Balance Sheet
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Detailed explanation-1: -A journal, commonly known as the Book of Original Entry or the Day Book is a book of transactions recorded in a chronological order. Usually, transactions are recorded in a journal before they are recorded in a ledger account. The details entered to record one transaction in Journal is known as a Journal Entry.
Detailed explanation-2: -A journal, also known as Books of Original Entry, keeps records of business transactions in a systematic order. Transactions are recorded in the journal in chronological order, i.e. as they occur; one after the other.
Detailed explanation-3: -The process of recording the transactions in a journal is called as journalizing.
Detailed explanation-4: -Journals provide a chronological record of all transactions of a business. They show the dates of a transaction, the amounts involved, and the particular accounts affected by the transactions. Sometimes, even a detailed description of the transaction is included.