Which of the Following Is TRUE of the General Journal

question 77

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:

Equilibrium Market Wage

The wage rate at which the quantity of labor supplied equals the quantity of labor demanded in the market, leading to no excess supply or demand.

Bricklayers

Skilled tradespeople who lay bricks, blocks, and other types of building materials to construct or repair walls, partitions, and other structures.

Masonry Firm

A business that specializes in the construction and repair of structures made from brick, stone, and similar materials.

Price

The financial sum needed for the purchase of a product or service.