Which of the following statements are true?
Introduction: A journal is a detailed record showing the debit and credit effects of all financial transactions in order by date.Each transaction is recorded in the form of an entry known as journal entry which has an equal debit and credit account name, description and date of transaction. Traditionally, a journal has also been referred as ‘book of original entry’ because transactions were first recorded in the form of journal entry.
To select- If statements that journal provides a chronological record of transactions, a journal entry contains the complete effect of a transaction and the first step in preparing a journal entry involves analyzing the transaction are true.
Explanation for correct answer- A journal is a record of financial transactions of business which are entered in the form of an entry known as journal entry in order starting with the first day. The entry shows the effect of each business transaction expressed as debit and credit and includes an explanation of the transaction. There are three steps in making an accounting journal entry. These are mentioned below:
Therefore, all the statements are correct...
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