Question

The difference between General Ledger and the General Journal is that the journal: A)is the book...

The difference between General Ledger and the General Journal is that the journal:

A)is the book of the final entry in a bookkeeping system in which all transactions are summarized for each month and the final balances are used to prepare financial statements

B) includes monthly adjustments, accruals and reversals for previous accruals, corrections, non-cash expenses and any other entry that is not a receipt or a payment

C) includes the amount spent during the month and what is owed

D) Summarizes multiple incomes transactions

The difference between General Ledger and the General Journal is that the General Ledger:

A)is the book of the final entry in a bookkeeping system in which all transactions are summarized for each month and the final balances are used to prepare financial statements

B) includes monthly adjustments, accruals and reversals for previous accruals, corrections, non-cash expenses and any other entry that is not a receipt or a payment

C) includes the amount spent during the month and what is owed

D) Summarizes multiple incomes transactions

Business   Accounting   
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Answer #1

1.) The difference between General Ledger and the General Journal is that the journal includes monthly adjustments, accruals and reversals for previous accruals, corrections, non-cash expenses and any other entry that is not a receipt or a payment.

Correct answer is option B .

2.) The difference between General Ledger and the General Journal is that the General Ledger is the book of the final entry in a bookkeeping system in which all transactions are summarized for each month and the final balances are used to prepare financial statements.

Correct answer is option A .

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