Under International Financial Reporting Standards (IFRS) the "book of original entry" is also known as the
A) Subsidiary ledger
B) Trial balance
C) General ledger
D) Journal

Question

Quizplus · Accepted Answer

Under International Financial Reporting Standards (IFRS), the "book of original entry" refers to the journal, which is where all transactions are initially recorded before being posted to the general ledger. A subsidiary ledger is a separate ledger that contains details of specific accounts and supports the general ledger. The trial balance is a list of all the accounts in the general ledger with their balances, used to check the accuracy of the entries. The general ledger is the main accounting record that contains all of the company's accounts and transactions. Therefore, option D is the correct answer.

Under International Financial Reporting Standards (IFRS) the "Book of Original