Which of the Following Is True of the General Journal

question 124

Multiple Choice

Which of the following is true of the general journal?

• A)All transactions recorded in one of the special journals are also recorded in the general journal.
• B)Manual accounting information systems do not need the general journal.
• C)The adjusting entries and the closing entries are recorded in the general journal.
• D)Non-routine transactions are generally not recorded in the general journal.

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Definitions:

Adjusting Entries

Journal entries made at the end of an accounting period to update the accounts and ensure that the reported financial statements are accurate and complete.

Net Income

The total earnings of a company after subtracting all expenses, including taxes and costs, from its total revenues.

Accrued Revenue

Revenue that has been earned but not yet received, typically recorded with an adjusting journal entry.

Tutoring

The act of providing personal or group instruction or assistance in a particular subject or skill, aiming to improve the learner's understanding or proficiency.