Which of the following statements regarding special journals is not true?
A)The balances in a special journal must always reconcile to the general ledger.
B)Special journals are used to record large numbers of repetitive transactions.
C)Special journals are periodically summarized and posted to the general ledger.
D)Special journals provide a specialized format for recording similar transactions.

Question

Quizplus · Accepted Answer

While special journals are periodically summarized and posted to the general ledger, their balances do not need to reconcile to the general ledger. Special journals are designed to record similar transactions in a specialized format, making it easier and more efficient to process large volumes of repetitive transactions. However, the general ledger is the main record of all transactions for the accounting period and includes all transactions, not just those recorded in the special journals.

Which of the Following Statements Regarding Special Journals Is Not