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Which statement best explains Journal?

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Question ID #25864 UPSC UPSC EPFO APFC 2026 Mock Test Series UPSC EPFO APFC Accounting Principles Sectional Test 2026 Medium

Which statement best explains Journal?

Correct Answer: D. Book of original entry in which transactions are first recorded chronologically
Journal: Book of original entry in which transactions are first recorded chronologically

Question: Which statement best explains Journal?

A. Statement showing revenues and expenses for a period

B. Assets = Liabilities + Equity

C. Recognition of income and expenses when earned or incurred rather than only when cash moves

D. Book of original entry in which transactions are first recorded chronologically

Correct Answer: D. Book of original entry in which transactions are first recorded chronologicallyJournal: Book of original entry in which transactions are first recorded chronologically

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Which statement best explains Journal? - MCQ Explanation

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Correct answer: D. Book of original entry in which transactions are first recorded chronologically