A General Journal Is

question 163

Multiple Choice

A general journal is:

• A)A ledger in which amounts are posted from a balance column account.
• B)Not required if T-accounts are used.
• C)A complete record of each transaction in the place from which transaction amounts are posted to the ledger accounts.
• D)Not necessary in electronic accounting systems.
• E)A book of final entry because financial statements are prepared from it.

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Definitions:

Double Taxation

Refers to the taxation of the same income or financial transaction at two different levels, such as corporate profits taxed both at the corporate and individual shareholder level.

Dividends

Payments made by a corporation to its shareholders from its profits or reserves.

LLPs

Limited Liability Partnerships, a legal structure for businesses where partners have limited liabilities.

Professional Practice

The conduct and work that someone in a specific profession, committed to ethics and standards, engages in.