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Cornerstones of Financial Accounti...
Which of the following statements are true?
- A journal provides a chronological record of a transaction.
- A journal entry contains the complete effect of a transaction.
- The first step in preparing a journal entry involves analyzing the transaction.
- I and II
- I and III
- II and III
- All of these 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:
- Analyzing the transaction which means the impact of business event on the accounting equation.
- Determining the accounts which are involved in the transaction.
- Recording changes in the accounting equation in the form of journal entry using debit and credit process.
Therefore, all the statements are correct...
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