Which of the Following Data Elements Are Essential in a Journal

question 9

Multiple Choice

Which of the following data elements are essential in a journal?

• A) Transaction date, explanation, and dollar amount of each debit and credit
• B) Dollar amount of each debit and credit, account name and number, and explanation
• C) Transaction date, dollar amount of each debit and credit, and account name and number
• D) Account name and number, transaction date, and unique identifier for the transaction

---

Definitions:

FASB

The Financial Accounting Standards Board, which is responsible for developing accounting standards in the United States.

Accounting Assumptions

The foundational principles that guide the preparation of financial statements, including going concern, accrual basis, and monetary unit assumptions.

Conventions

Agreed-upon practices or methodologies in accounting and finance that ensure consistency and compliance with standards.

Principles

In the context of accounting, principles refer to the fundamental guidelines or rules that govern the practice of accounting.