Question: What is the role of a journal entry in the accounting process?Answer: A journal entry is the first step in the accounting cycle, recording financial transactions in chronological order before they are transferred to the general ledger.Example:
|
Is it helpful?
Yes
No
Most helpful rated by users:
- Explain the difference between assets and liabilities.
- What is accrual accounting?
- Explain the terms \'debit\' and \'credit\' in accounting.
- Define the term \'GAAP.\'
- Explain the difference between a current asset and a non-current asset.