The use of special journals to record transactions
A) eliminates the need for a general ledger.
B) can save time in the posting process.
C) eliminates the need for a general journal.
D) should only be used if the volume of transactions is small.

Question

Quizplus · Accepted Answer

Special journals are designed to record specific types of transactions such as sales, cash receipts, and purchases. By using these special journals, it can save time in the posting process because transactions do not have to be individually recorded in the general journal. This can lead to a more efficient and streamlined accounting system. However, the use of special journals does not eliminate the need for a general ledger.

The Use of Special Journals to Record Transactions