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State whether the following statement is True or False with reasons.Journal is a book of prime entry. - Book Keeping and Accountancy

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MCQ
True or False

State whether the following statement is True or False with reasons.
Journal is a book of prime entry.

Options

  • True

  • False

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Solution

This statement is True.
For every financial transaction, initially, an entity is recorded in the book known as ‘Journal'. Therefore, we can say that journal is a book of prime entry

Concept: Journal
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