If a company uses special journals,
A) it must have one for cash, receivables, and payables
B) it may have no more than four
C) the quantity and design depend on the needs of the company
D) the design must comply with the FASB requirements

Question

Quizplus · Accepted Answer

The quantity and design of special journals depend on the needs of the company. There is no specific requirement or limit on the number of special journals a company can create, and they do not have to comply with FASB requirements. The decision on special journals is typically based on the volume and nature of the company's transactions. While it is common for companies to have a special journal for cash, receivables, and payables, it is not required.

If a Company Uses Special Journals