Asked by Shavon Bashir on May 06, 2024
Verified
When special journals are employed all postings must be monthly or daily but cannot be both.
Special Journals
Special journals are accounting tools used to record specific types of transactions in a more efficient manner, such as sales, purchases, cash receipts, and disbursements.
Monthly
Pertaining to or occurring once every month.
Daily
Daily refers to something done, occurring, or measured every day or each business day.
- Identify the criticality of correct posting and reconciliation activities in manual and electronic accounting frameworks.
Verified Answer
MA
Mohammad alajmiMay 07, 2024
Final Answer :
False
Explanation :
Special journals can be used in a flexible manner where postings can be made either daily or monthly depending on the volume of transactions and the specific accounting practices of a business.
Learning Objectives
- Identify the criticality of correct posting and reconciliation activities in manual and electronic accounting frameworks.