Journals are also referred as_____________?
Correct answer: B. Book of original entries
- A. Book of entries
- B. Book of original entries
- C. T account
- D. Books of economic event
Explanation
The journal is called the book of original entry because transactions are first recorded there before being posted to the ledger. A T-account belongs to the ledger, not the journal.
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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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