Advantages of A General Journal - SS1 Accounting Lesson Note
The general journal has several advantages, and they include:
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Flexibility: The general journal allows for the recording of a wide range of transactions, making it a versatile tool for a business's financial record-keeping.
Audit Trail: The general journal provides a detailed record of all transactions, which can be useful in auditing and tracking errors or discrepancies in financial records.
Accuracy: By providing a centralized location for recording all financial transactions, the general journal helps to ensure that all entries are accurately recorded.
Analysis: The information recorded in the general journal can be used for analysis and decision-making purposes, such as identifying trends, tracking expenses, and determining profitability.