The following comments all relate to the recording process. Which of these statements is correct?
A. The general ledger is a chronological record of transactions
B. The general ledger is posted from transactions recorded in the general journal
C. The trial balance provides the primary source document for recording transactions into the general journal
D. Transposition is the transfer of information from the general journal to the general ledger
Answer: Option B
This Question Belongs to Commerce >> Miscellaneous In Commerce
A. Expenditure for the business
B. Cost for the business
C. Gain for the business
D. None of the above
Which of these items would be accounted for as an expense?
A. Repayment of bank loan
B. Dividend to stock holders
C. The purchase of land
D. Payment of current period rent
Debit the receiver credit the giver rule for:
A. Real a/c
B. Personal a/c
C. Nominal a/c
D. None of these
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