Record keeping for a very small business can be accomplished by a journal and files for storing ________.
A) records of transactions
B) details of seed capital
C) details of start-up expenses
D) details of marginal costs

Question

Quizplus · Accepted Answer

A journal can be used to record all transactions made by the business, such as sales, purchases, and expenses. These records should then be organized and stored in appropriate files for easy access and reference. While keeping track of details such as seed capital, start-up expenses, and marginal costs may be helpful for the business, they are not necessarily the primary records that need to be kept for basic record-keeping purposes.

Record Keeping for a Very Small Business Can Be Accomplished