All of the Following Are Significant Contributions That the Journal

question 83

Multiple Choice

All of the following are significant contributions that the journal makes to the recording process except the journal

• A)discloses the complete effect of a transaction in one place.
• B)helps prevent or locate errors because debits and credits can be readily compared.
• C)keeps complete information about changes in a specific account balance in one place.
• D)provides a chronological record of transactions.

---

Definitions:

Taxable Income

The amount of an individual's or business's income used to determine how much tax they owe to the government, after deductions and exemptions.

Peter Drucker

A renowned management consultant, educator, and author, considered one of the founding figures of modern business management.

Individual Retirement Accounts (IRAs)

Tax-advantaged investing tools that individuals use to earmark funds for retirement savings.

Tax-exempt Contributions

Donations made to qualifying organizations that can be deducted from taxable income because the recipient is exempt from taxes.