A Journal

question 13

Multiple Choice

A journal:

• A)is where transactions are initially recorded.
• B)is where transactions are posted to after they are initially recorded.
• C)serves as an index to the ledger.
• D)is the same as a source document, such as an invoice from a supplier or a copy of a credit purchase made by a customer.

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Definitions:

Reclassification Date

The specific date on which financial assets are reclassified between different categories, affecting how they are measured and recognized.

Fair Value

The amount one would earn from disposing of an asset or spend in delegating a liability in a seamless trade among market actors on the appointed valuation day.

AASB 9

An Australian Accounting Standard Board regulation that outlines the requirements for the classification, measurement, and impairment of financial instruments.

Financial Liabilities

Obligations that require a company to pay money or deliver financial assets to another entity in the future.