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Questions and Answers
Which of the following is one of the three books of accounts mentioned in the text?
Which of the following is one of the three books of accounts mentioned in the text?
- T-account (correct)
- Balance sheet
- Income statement
- Statement of cash flows
Which book of accounts is used to record transactions in chronological order?
Which book of accounts is used to record transactions in chronological order?
- Journal (correct)
- T-account
- Ledger
- Income statement
Which book of accounts is used to summarize and classify transactions from the journal?
Which book of accounts is used to summarize and classify transactions from the journal?
- Balance sheet
- Statement of cash flows
- Income statement
- Ledger (correct)
