A brief explanation recorded below every entry in general journal is commonly known as__________?
Correct answer: A. Narration
- A. Narration
- B. Explanation
- C. Summary
- D. Other information
Explanation
A narration is the brief note written below a journal entry to describe the transaction and provide its supporting context. It helps explain why the debit and credit were recorded.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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