The general journal is known as the book of final entry because financial statements are prepared from it.
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Q38: The debt ratio helps to assess the
Q39: Credits always increase account balances.
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Q41: The financial statement that summarizes the changes
Q42: If an owner's capital account had a
Q44: Transactions are recorded first in the ledger
Q45: A journal entry that affects no more
Q46: At a given point in time, a
Q47: The journal is known as a book
Q48: A general journal gives a complete record
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