General journal is a book of _______ entries?
Correct answer: B. Original
- A. First
- B. Original
- C. Secondary
- D. Generic
Explanation
The general journal is a book of original entry because transactions are first recorded there before being posted to the ledger. It is also called the day book or primary book of entry.
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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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