A Compound Journal Entry Is

question 114

Multiple Choice

A compound journal entry is:

• A) A journal entry that has three or more debits and three or more credits.
• B) A journal entry that affects at least three accounts.
• C) A journal entry that affects at least four accounts.
• D) A journal entry involving at least two accounting periods.
• E) A journal entry involving only two ledger accounts.

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Definitions:

Calculated Manually

A process or calculation done by hand or without the use of automated tools or software.

QuickBooks

An accounting software package developed and marketed by Intuit, aimed primarily at small and medium-sized businesses.

Purchasing Cycle

The sequence of steps or processes involved in the acquisition of goods or services, from the identification of a need, through the procurement process, to the payment of the invoice.

Purchase Order

A formal document issued by a buyer to a seller, detailing the products or services ordered and the agreed-upon prices.