Multiple Choice Questions on The following comments each relate to the recording of journal entries Which statement is true ........ for SEBI Grade A ( Officer) Exam Preparation

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Multiple Choice Questions

The following comments each relate to the recording of journal entries Which statement is true ........

Accountancy (Phase -I & II) Accounting cycles
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    The following comments each relate to the recording of journal entries. Which statement is true?

    For any given journal entry, debits must exceed credits

    Incorrect Answer

    It is customary to record credits on the left and debits on the right.

    Incorrect Answer

    The chart of accounts reveals the amount to debit and credit to the affected accounts.

    Incorrect Answer

    Journalization is the process of converting transactions and events into debit/credit format

    Correct Answer
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    Explanation:

    All business transaction which are of monetary value need to be recorded in journal in chronological order.The process of making the journal entries is called as journalization. All the transactions are having two affects i.e. debit and credit.

    By: SWAPNIL AGGARWAL
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