The major advantage of the journal proper is that it

Accounts - Principles of Accounts

JAMB 2016

A. helps in the preparation of the balance sheet
B. prevents fraud and theft of item of the business
C. serves as a book of instruction to the bookkeeper
D. help the banking industry to be efficient

WAEC and NECO CBT App for Mobile Devices - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now

WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now

Correct Answer: Option B

Explanation

The advantages of using a journal in the recording process is, it discloses in one place the complete effects of a transaction, it provides a chronological record of transactions, & it helps to prevent or locate errors because the debit and credit amounts for each entry can be easily compared.

Previous Next

Go back to Acc classroom

Report an Error Ask A Question Download App