The standard format of journal does not include which of the following?
Correct answer: A. Assets column
- A. Assets column
- B. Date column
- C. Description column
- D. Amount column
Explanation
A standard journal normally contains date, particulars or description, ledger folio, and debit and credit amounts. An assets column is not a standard journal column; asset details are recorded through the relevant account.
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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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