SQU E-learning System CIntroductory Financial Accounting f:All the accounts of a company are maintained in aaule abاخترأحد الخيارات1.00 Ua. Journal Ob. Ledgerc. Book of original entryd. Trial balanceENGA E lb 4) UK 22/1

Answered: :All the accounts of a company are…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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SQU E-learning System C
Introductory Financial Accounting f
:All the accounts of a company are maintained in a
aule ab
اخترأحد الخيارات
1.00 U
a. Journal O
b. Ledger
c. Book of original entry
d. Trial balance
ENG
A E lb 4) UK 22/1

Expert Solution

Step 1

Journal is known as books of original entry, is a basic book of accounting in which transactions are recorded in chronological order i.e. when they occur.

Ledger - it is a record of all the accounts in a company that shows the current balance in the accounts, it also shows the effect of transactions on assets, liabilities, incomes, capital, and expenditure.

Trial balance - It is a statement that is prepared with the debit and credit balances of the accounts to check the arithmetical accuracy of ledger accounts.

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