Tags Business Accounting and Bookkeeping

Animals & Plants Arts & Entertainment Auto Beauty & Health Books and Literature Business Electronics Engineering & Technology Food & Drink History Hobbies Jobs & Education Law & Government Math People & Society Science Social Studies Sports Travel & Places

0

Subjects>Business>Accounting

Why is the journal necessary in accounting?

Updated: 9/21/2023

Wiki User

∙ 11y ago

Best Answer

Journal's are an important element in terms of accounting.It is said so because the journal records and shows the transactions made by the firm during a particular year.journal is the book where they record the primary and first handed entries.It is from this journal entries they make other entries in the book of ledger,trial balance..etc..If any entry in the journal goes wrong then the whole matter will go wrong.....All the best....keep gionging.....

Wiki User

∙ 11y ago

This answer is:

Add your answer:

Earn +20 pts

Q: Why is the journal necessary in accounting?

Write your answer...

Submit

Still have questions?

imp

Continue Learning about Accounting

When was Journal of Accounting Research created?

Journal of Accounting Research was created in 1963.

What are the advantages and disadvantages of journal entries in accounting?

what is the disadvantages of general journal

What is the basic summary device of accounting?

account or accounting equation

What is the principal book of accounting?

Journal Book

What is posting in accounting cycle?

Posting is recording in the ladgers information from journal. Posting is always from journal.

Related questions

When was Journal of Accounting Research created?

Journal of Accounting Research was created in 1963.

What is Journal phase of accounting?

Journal phase of accounting is to journalize the business transaction in Journal as a first record in books of accounts.

What a journal?

A journal is a magazine. Or for accounting it is a ledger book.

Matching in accounting means to make an entry in the journal?

Matching" in accounting means to make an entry in the journal

What are the advantages and disadvantages of journal entries in accounting?

what is the disadvantages of general journal

What are the four special journals in accounting?

Following are four special journals in accounting: 1 - Sales Journal 2 - Purchase journal 3 - Cash receipt journal 4 - Cash payment journal

What is the basic summary device of accounting?

account or accounting equation

What is the principal book of accounting?

Journal Book

Why do you need to reverse a journal entry?

According to my understanding and my study in accounting, the reversal of journal entry merely is for the opening balances for a new year of accounting period

What is posting in accounting cycle?

Posting is recording in the ladgers information from journal. Posting is always from journal.

Accounting transactions from source documents are recorded in a?

journal

What is recording phase of accounting?

Recording phase of accounting is to record the transactions into journal after transactions occured.

Trending Questions

Why depreciation is not shown in balance sheet? How does one calculate adjusted gross income? Conclusion of management accounting? What dangers are there in reducing inventory? What is the benefit of forming a Limited Liability Company, and how would I start the process? What are your most important skills as a transcriptionist? How do you account for shared costs by another company when building a fixed asset? What are the sources of audit evidence? What is the sales tax rate for Lynnwood WA? What is the objectives of tcs company? What happens if I don't amend my tax return to include my w2? Why is accounts payable aging report needed for an audit? What term refers to a tax that is divided among all of the people in each day and not on individuals? Taxable income is used to compute a person's? What accounting applications are you familiar with? When a person signs the back of a check they call it an endorsement What do you call it when you sign the bottom of your check with your signature Is it still called an endorsement? What does fixed costs means? How much do you need to make for federal income taxes to be taken out of my check? What is it called when the expenses and the revenue are equal so there is no profit or loss? What is Capital Gains Tax rate on recaptured depreciation?

Still have questions?

imp

Previously Viewed

Why is the journal necessary in accounting?

Resources

Top Categories

Product

Company

Copyright ©2024 Infospace Holdings LLC, A System1 Company. All Rights Reserved. The material on this site can not be reproduced, distributed, transmitted, cached or otherwise used, except with prior written permission of Answers.