- 1 Marks
Question
The primary purpose of the general journal in accounting is to:
- A. Record transactions from books of prime entry
- B. Record year-end adjustments only
- C. Correct errors in personal ledgers
- D. Provide a record and explanation of various adjustments
- E. Serve as the primary book of entry for all financial transactions
Answer
D. Provide a record and explanation of various adjustments
Explanation: The correct answer is D, as the general journal is essential for recording all financial transactions before they are posted to specific accounts.
- Tags: Accounting Records, General Journal, Transactions
- Level: Level 1
- Topic: Recording Financial Transactions
- Series: NOV 2023
- Uploader: Theophilus