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What is the difference between a correction journal and an adjustment journal?

What is the difference between a correction journal and an adjustment journal?

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Solution: An organization operating in a competitive economic market needs to prepare and disclose fair and error free financial transactions in order to present true representation of the organization in order to sustain. To facilitate in this process, separate entries are recorded under a correction journal and an adjustment journal.

Entries entered under a correction journal encompasses correction of entry balances, account heads or omitted ones to equal debit balance that of credit balance. Whereas, adjusting entries encompasses recording at the end of an accounting period for realisation of transactions when they are made with that of when they were accrued, deffered or any unrecognized transactions in the general ledger account and does not involve correction or ommission of error.  

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