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Journal and ledger records transactions in
a) A chronological order and analytical order respectively.
b) An analytical order and chronological order respectively.
c) A chronological order only
d) An analytical order only.
Correct answer is option 'C'. Can you explain this answer?
Most Upvoted Answer
Journal and ledger records transactions ina) A chronological order and...
Explanation:
Journal and ledger are the two most important books of accounting. Both these books record transactions but in a different way.
Journal records transactions in a chronological order i.e. in the order in which they occur. Every transaction is recorded in the journal with the date, the names of accounts affected, the amount involved, and a brief description of the transaction.
Ledger, on the other hand, records transactions in an analytical order i.e. transactions are recorded account-wise. All the transactions related to a particular account are recorded in one place. The ledger is divided into different accounts such as cash account, bank account, purchases account, sales account, etc. and each account is given a separate page.
Therefore, the correct answer is option C i.e. journal records transactions in a chronological order and ledger records transactions in an analytical order.
To summarize:
Journal:
- Records transactions in a chronological order
- Includes the date, names of accounts affected, amount involved, and brief description of the transaction
Ledger:
- Records transactions in an analytical order
- Transactions are recorded account-wise
- Divided into different accounts, each account has a separate page
Journal and ledger are the two most important books of accounting. Both these books record transactions but in a different way.
Journal records transactions in a chronological order i.e. in the order in which they occur. Every transaction is recorded in the journal with the date, the names of accounts affected, the amount involved, and a brief description of the transaction.
Ledger, on the other hand, records transactions in an analytical order i.e. transactions are recorded account-wise. All the transactions related to a particular account are recorded in one place. The ledger is divided into different accounts such as cash account, bank account, purchases account, sales account, etc. and each account is given a separate page.
Therefore, the correct answer is option C i.e. journal records transactions in a chronological order and ledger records transactions in an analytical order.
To summarize:
Journal:
- Records transactions in a chronological order
- Includes the date, names of accounts affected, amount involved, and brief description of the transaction
Ledger:
- Records transactions in an analytical order
- Transactions are recorded account-wise
- Divided into different accounts, each account has a separate page
Community Answer
Journal and ledger records transactions ina) A chronological order and...
A A
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Journal and ledger records transactions ina) A chronological order and analytical order respectively.b) An analytical order and chronological order respectively.c) A chronological order onlyd) An analytical order only.Correct answer is option 'C'. Can you explain this answer?
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