Accounting for IGCSE & O level - The Fundamentals Of Accounting (Section 34 - No. 47)
Which of the following is true about the general journal?
It records transactions in chronological order.
It is the primary book of original entry.
It summarizes account balances.
It is used to prepare financial statements.
Explanation
The general journal is a chronological record where all transactions are initially recorded. It is the primary book of entry.
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