What Are the Four Most Commonly Used Special Journals, and What

question 108

Essay

What are the four most commonly used special journals, and what are they used for?

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Definitions:

Consistency Principle

An accounting principle that requires entities to apply the same accounting methods and policies from period to period unless a change is justified and disclosed.

Accounting Methods

The specific rules and procedures used by a business to prepare its financial statements, including how it recognizes revenue and expenses.

Revenue Recognition

Revenue recognition is an accounting principle that outlines the specific conditions under which revenue is recognized and dictates how to account for it.