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Journal and ledger records transactions in
- a)A chronological order only
- b)An analytical order and chronological order respectively.
- c)A chronological order and analytical order respectively.
- d)An analytical order only.
Correct answer is option 'C'. Can you explain this answer?
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Journal and ledger records transactions ina)A chronological order only...
In bookkeeping and accounting, a ledger is a book (or record) for collecting historical transaction data from a journal and organizing entries by account. The ledger provides the transaction history and current balance in each accounting system account, throughout the accounting period.
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Journal and ledger records transactions ina)A chronological order only...
Explanation:
Transactions are recorded in accounting through the use of journals and ledgers. Both journals and ledgers play a crucial role in the accounting process by ensuring that all financial transactions are properly documented and organized.
Therefore, the correct answer is option C, where transactions are recorded in a chronological order in the journal and in an analytical order in the ledger. The journal provides a complete record of all transactions in the order they occur, while the ledger organizes and summarizes these transactions into specific accounts for easy reference and analysis. This dual system of recording transactions ensures that financial information is both detailed and structured for efficient reporting and decision-making purposes in accounting.
Transactions are recorded in accounting through the use of journals and ledgers. Both journals and ledgers play a crucial role in the accounting process by ensuring that all financial transactions are properly documented and organized.
- Journal: The journal is the first place where transactions are recorded. It is a book of original entry where transactions are recorded in a chronological order as they occur. Each transaction is entered with details such as date, description, debit amount, and credit amount.
- Ledger: The ledger is a book of final entry where transactions from the journal are transferred and classified into individual accounts. In the ledger, accounts are maintained in an analytical order, with each account having a separate page to record all related transactions. Accounts are typically arranged in a systematic manner, such as assets, liabilities, equity, revenue, and expenses.
Therefore, the correct answer is option C, where transactions are recorded in a chronological order in the journal and in an analytical order in the ledger. The journal provides a complete record of all transactions in the order they occur, while the ledger organizes and summarizes these transactions into specific accounts for easy reference and analysis. This dual system of recording transactions ensures that financial information is both detailed and structured for efficient reporting and decision-making purposes in accounting.
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Journal and ledger records transactions ina)A chronological order onlyb)An analytical order and chronological order respectively.c)A chronological order and analytical order respectively.d)An analytical order only.Correct answer is option 'C'. Can you explain this answer?
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