A General Journal

question 65

Multiple Choice

A general journal

• A)would be used to record monthly depreciation entries.
• B)simplifies the process of recording large numbers of repetitive transactions.
• C)records all detailed data for any general ledger account that has individual sub-accounts.
• D)contains summary-level data for every account of the organization.

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Definitions:

Account Balances

The amount of money in a financial repository at any given moment, reflecting the net of debits and credits over time.

Documentation

Written or digital materials that provide official information or evidence regarding processes, transactions, or systems.

Journalizing

The process of recording transactions in a journal so that their effects are reflected in the accounting records.

Transaction Data

Information collected about each specific activity that takes place within a business, which can be used for various financial and management analysis purposes.