Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 21 - No. 42)
Which of the following statements are true about the role of a journal?
It provides a chronological record of transactions.
It serves as the primary book of original entry.
It summarizes account balances.
It provides a permanent record of transactions.
Explanation
The journal is the book of original entry where transactions are first recorded chronologically. It provides a permanent record.
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