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Which of the following statements is TRUE?
Cash Payments Journal
A cash payments journal is a financial journal that records all cash outflows or payments made by a business.
Special Journal
A type of accounting journal dedicated to recording specific types of transactions, such as sales or purchases, to increase efficiency.
Purchases Journal
A specialized accounting journal used to record all purchases of goods and services on credit.
Cash Receipts Journal
A specialized accounting journal used to record all receipts of cash.
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