A compound journal entry
A)is a general ledger transfer that affects more than two accounts.
B)is a general journal transfer that affects more than two accounts.
C)is a journal entry for more than two transactions that affects one or more accounts.
D)is a journal entry for a transaction that affects more than two accounts.
E)is not allowed in accordance with U.S.GAAP,but is allowed in accordance with IFRS.

Question

Quizplus · Accepted Answer

A compound journal entry is a journal entry that affects more than two accounts. It is used when there are multiple accounts involved in a single transaction. This type of entry is allowed under both U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS).

A Compound Journal Entry