
A __________ is a book in which business transactions are recorded.
- a. journal
- b. ledger
- c.
trial balance - d.
balance sheet

Find the option that indicates the correct term for the given explanation.
Answer to Problem 1QY
Option (a)
Explanation of Solution
Journal: Journal is a book in which economic events that can be measured in monetary terms are recorded chronologically and systematically.
Justification for correct answer: Journal is a book in which business transactions that can be measured in monetary terms are recorded. Hence, option (a) is correct.
Justification for incorrect answers:
- Option (b) is incorrect because ledger is a book in which the accounts are summarized and grouped from the transactions recorded in the journal.
- Option (c) is incorrect because trial balance is a summary of all the asset, liability, and equity accounts and their balances.
- Option (d) is incorrect because balance sheet reports a company’s resources (assets) and claims of creditors (liabilities) and owners (owners’ equity) over those resources.
Therefore, option (a) is correct answer.
Want to see more full solutions like this?
Chapter 3 Solutions
College Accounting (Book Only): A Career Approach
Additional Business Textbook Solutions
Essentials of MIS (13th Edition)
Marketing: An Introduction (13th Edition)
Foundations Of Finance
Foundations of Financial Management
Intermediate Accounting (2nd Edition)
Horngren's Accounting (12th Edition)
- Hello tutor solve this question accountingarrow_forwardDefine in detail the following in relation to Organizational Ethics. The Ethical Culture of an organization. Define these Five Signs of Ethical Collapse a) Pressure to maintain the numbers b) Fear of reprisals c) Loyalty to the boss d) Innovations e) Goodness in some areas, atones for evil in othersarrow_forwardCalculate the stock in the beginningarrow_forward
- College Accounting (Book Only): A Career ApproachAccountingISBN:9781337280570Author:Scott, Cathy J.Publisher:South-Western College PubIntermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage LearningPrinciples of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax College
- Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage LearningCollege Accounting, Chapters 1-27AccountingISBN:9781337794756Author:HEINTZ, James A.Publisher:Cengage Learning,



