A Journal Is not Useful for

question 197

Multiple Choice

A journal is not useful for

• A)disclosing in one place the complete effect of a transaction.
• B)preparing financial statements.
• C)providing a record of transactions.
• D)locating and preventing errors.

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Definitions:

Income Statement

A financial statement that reports a company's financial performance over a specific period, detailing revenues, expenses, and net income.

Other Items

This term can refer to various non-primary or exceptional items in financial reporting, including extraordinary gains or losses and items of other comprehensive income.

Prepaid Expenses

Expenses paid in advance for goods or services to be received in the future.