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The process of recording a transaction in the journal is called?
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what is the process of initially recording a business transaction is called?
journalizing
The process of initially recording a business transaction is called?
Journalizing
The process of recording transactions in the journal is called posting?
No, it's journalizing.
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
What is a transaction?
A transaction is any activity in business that involves money. It occurs when something of value is exchanged with something else of value. The act of recording transactions is called bookkeeping.
What is the structure of a journal entry?
Recording of a transaction in an accounting journal, such as the General Journal. The journal entry has equal debit and credit amounts, and it usually includes a one-sentence explanation of the purpose of the transaction is called journal entry.
what is the process of initially recording a business transaction is called?
journalizing
The process of initially recording a business transaction is called?
Journalizing
The process of recording transactions in the journal is called posting?
No, it's journalizing.
What is the process called when records are updated after each transaction is entered?
Transaction processing
What is book of original entry?
"Journal" is called as book of original entry because at the occurance of any business transaction, entry is first of all recorded in journal.
What is the daily event recording book called?
Diary, or possibly a Journal. (Could also be a ship's log, or a delivery driver's log-book.)
What is a transaction?
A transaction is any activity in business that involves money. It occurs when something of value is exchanged with something else of value. The act of recording transactions is called bookkeeping.
Why is a journal sometimes called original entry?
Because as soon as any business transaction occurred first of all it is recorded in journal and after that it is summarized in different ledgers that's is why it is called book of original entry.
What relationship between the journal and the ledger?
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
Write a short note on journal proper?
In every business,all the transactions are recorded through the journal.one journal is sufficient to small business concerns to record all the transaction of the business.but in case of big concerns,the journal is sub-divided into various books i.e. Cash book,purchase book,sales book etc. and the transactions relating to the same group are recorded in one and respective book only.In addition to these books,journal is maintained for recording the transaction,not relating to any one of the above books.the book thus maintained is called Journal Proper.This journal proper is similar to the journal in ruling and form. sometimes,journal is sub-divided but all the books are not maintained.then in the journal proper,the transactions relating to the unmaintained journals are also recorded.
Why journal is called a book of original entry?
Journal entry is called because it is the first place where any business transaction is recorded and which provide the basis for all other financial statements creation and books of accounts preparation.
