Management Notes

Management Notes

Reference Notes for Management
The ____ is where a transaction can first be found in the accounting records.

The ____ is where a transaction can first be found in the accounting records. | Accounting Quiz

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The ____ is where a transaction can first be found in the accounting records.

A) chart of accounts
B) income statement
C) balance sheet
D) journal

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The Correct Answer for the given question is option D) journal

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The ____ is where a transaction can first be found in the accounting records.

Answer Explanation for Question: The ____ is where a transaction can first be found in the accounting records.

Journals and Accounting Records

Journals are detailed accounts that record all the financial transactions of a business. They are used to reconcile future accounts and to transfer information to other official accounting accounts, such as the general ledger. Usually in a double-entry bookkeeping method, a journal records the date, which accounts were affected, and how much money actually changed hands.

The entry of a journal contains the information relevant to a single business transaction, such as the date, the amount to be credited and debited, and a brief description of the transaction. This may include details of affected subsidiaries, taxes, and other information, depending on the company. Journal data must be entered accurately and completely so that financial reports based on this information are also accurate and complete. Using modern accounting software, recurring journal entries can be configured and automatically executed, reducing the potential for errors.

When a business transaction is made, a bookkeeper enters it as a journal entry. A journal entry can be a physical document, a spreadsheet, or data stored within accounting software. There may be additional details in the journal entry if the expense or income affects more than one business account. Journals are often reviewed as part of the general ledger review during a trade or audit process, with objective record-keeping. Journals are an essential part of objective record-keeping and facilitate concise reviews and records transfers.

Lastly,

I hope after going through this post you might have clearly understood the Question: Management is essential for the organisation which are

One of the following is not a function of accounting

Objectives of Accounting – What are the Objectives of Accounting | Management Notes

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