If a Transaction Cannot Be Recorded in a Special Journal

question 116

Multiple Choice

If a transaction cannot be recorded in a special journal it is

• A) not recorded.
• B) a correcting entry.
• C) recorded in the general journal.
• D) an error.

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Definitions:

Period's End

Refers to the conclusion of a specific accounting or reporting period, such as the end of a quarter or fiscal year.

Book Value

The net value of an asset as recorded on a company's balance sheet, calculated by subtracting accumulated depreciation from the original purchase cost.

Market Value

The present rate at which a service or asset is available for purchase or sale.

Net Income

Net income is the total amount of profit a company earns after subtracting all of its expenses, taxes, and costs from its total revenue.