Books of Account New

The general ledger is the most basic journal.

• True

• False

In recording, you are entering data transaction in the journal.

• True

• False

All entries involve only two accounts: one debit and one credit.

• True

• False

Accounting is the process of identifying, recording, and communicating economic events.

• True

• False

Cash Disbursement Journal is used to record all cash that have been received.

• True

• False

Cash Receipts Journal is used to record all transactions involving cash payments.

• True

• False

Sales Journal is used to record all sales on credit.

• True

• False

Purchase Journal is used to record all purchases of inventory on credit.

• True

• False

A general ledger is a group of accounts containing the independent data of a specific general ledger.

• True

• False

General Journals are books of original entry.

• True

• False