Multiple Choice Questions on The following comments all relate to the recording process Which of these statements is correct ........ for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

The following comments all relate to the recording process Which of these statements is correct ........

Accountancy (Phase -I & II) Accounting as a financial information system
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    The following comments all relate to the recording process. Which of these statements is correct?

    The general ledger is a chronological record of transactions.

    Incorrect Answer

    The general ledger is posted from transactions recorded in the general journal

    Correct Answer

    The trial balance provides the primary source document for recording transactions into the general journal

    Incorrect Answer

    Transposition is the transfer of information from the general journal to the general ledger.

    Incorrect Answer
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    Explanation:

    Journal is a book in which all the business transactions are recorded in chronological order. All entries from journal are transferred to the ledger account. The process of transferring the entries from journal to ledger is called posting.

    By: SWAPNIL AGGARWAL
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