Commerce Exam > Commerce Questions > Journal and ledger records transactions ina) ...
Start Learning for Free
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
Attention Commerce Students!
To make sure you are not studying endlessly, EduRev has designed Commerce study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Commerce.
|
Explore Courses for Commerce exam
|
|
Similar Commerce Doubts
Top Courses for CommerceView all
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?
Question Description
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? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 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? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.
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? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 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? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 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?.
Solutions for 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? in English & in Hindi are available as part of our courses for Commerce.
Download more important topics, notes, lectures and mock test series for Commerce Exam by signing up for free.
Here you can find the meaning of 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? defined & explained in the simplest way possible. Besides giving the explanation of
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?, a detailed solution for 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? has been provided alongside types of 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? theory, EduRev gives you an
ample number of questions to practice 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? tests, examples and also practice Commerce tests.
|
|
Explore Courses for Commerce exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup