The Description Column of a Two-Column Journal Is Used to Enter

question 41

True/False

The Description column of a two-column journal is used to enter the titles of the accounts affected by each
transaction,together with a description of the transaction.

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Definitions:

Income Statement

A financial statement that reports a company's revenues, expenses, and profits over a specific period of time.

Operating Costs

Expenses associated with the routine functioning of a business or system.

Long-Term Gains

Profits or advantages achieved over an extended period, contrasting with immediate or short-term benefits.

Cost of Goods Sold

An accounting term referring to the direct costs attributable to the production of goods sold by a company.