FABM

It is called " The book of original entry" because it is the accounting record in which financial transactions are first recorded.

• balance sheet

• journal

• ledger

The journal is a chronological record (day-by-day) of business transactions.

• True

• False

The simplest journal

• Journal

• General Journal

• Ledger

When only two accounts are affected , we call this a ________ where there is only one debit account and one credit account.

• Compound Entry

• Journal Entry

• Simple Entry

When a transaction would require the use of three or more accounts in which case the entry

• Compound Entry

• Journal Entry

• Simple Entry

the process of recording transaction in the journal after it has been recognized and measured.

• Journalizing

• Generalizing

• Computing

In journalizing transactions, the double entry system is not used. In this case, two or more accounts are affected by each transaction.

• true

• false

a form of record that summarizes the increases or decreases of any specific accounting value.

• Account

• T-Account

• Statement

The simplest form of an account because the accounting equation is represented by the capital letter T.

• Account

• T-Account

• Journal

a group of the accounts used by the company. It is the book of final entry.

• Journal

• General Journal

• Ledger