BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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cash journal
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general journal
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basic journal
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Detailed explanation-1: -Double entry bookkeeping. Furthermore, the number of transactions entered as the debits must be equivalent to that of the credits. read more is the most common method of general journal accounting. An exchange between two accounts does every business transaction.
Detailed explanation-2: -A general journal is a chronological accounting record of a company’s financial transactions. The main purpose of this is to assist in the reconciliation of accounts and to assist with producing financial statements.
Detailed explanation-3: -The four main special journals are the sales journal, purchases journal, cash disbursements journal, and cash receipts journal.
Detailed explanation-4: -There are three main types of journal entries: compound, adjusting, and reversing.