Which of the following is a true statement?
A) In most accounting systems, the journal, but not the ledger is computerized.
B) In the phrase "keeping the books," books refers to the journals and the ledger.
C) The journal entry shows the balance in each account.
D) If entries are correctly entered in the journal, the same data does not need to be entered in the ledger.

Question

Quizplus · Accepted Answer

"Keeping the books" refers to recording financial transactions in both the journal and the ledger. Option A is incorrect because both the journal and the ledger can be computerized. Option C is incorrect as the journal entry only records the transaction, not the balance. Option D is incorrect because data must be entered in both the journal and the ledger, as they serve different functions in the accounting process.

Which of the Following Is a True Statement