Which of the Following Is the Main Advantage of Setting

question 34

Multiple Choice

Which of the following is the main advantage of setting up special journals?

• A) They can be used with a cash accounting system.
• B) They remove the need for double entry recording.
• C) They make the preparation of a trial balance easier.
• D) They reduce the time required to journalise each entry and post to the general ledger.

Understand the purpose of a trial balance and how it is used to detect errors.

Recognize differences and similarities between IFRS and GAAP in accounting practices.

Understand the concept and application of double-entry accounting worldwide.

Know the proper treatment of business transactions (increases and decreases) in the double-entry system.

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Definitions:

Economic Problems

Issues related to the production, distribution, and consumption of goods and services, often resulting in unemployment, inflation, or recessions in a country's economy.

Confederacy

A federation of southern states that seceded from the United States from 1861 to 1865, leading to the American Civil War.

Paper Money

Currency made from paper that is officially issued by a government and circulated within its economy.

Wade-Davis Bill

Radical Republicans’ 1864 plan for Reconstruction that required loyalty oaths, abolition of slavery, repudiation of war debts, and denial of political rights to high-ranking Confederate officials; President Lincoln refused to sign the bill.