0
Why do you have to record transactions twice while they occur only once?
Wiki User
∙ 10y ago
A transaction that occurred once may or may not happen again. The transaction record serves as a documentation that such an even occurred. It is recorded twice or sometimes thrice (like receipts & sales invoice) because the copies are intended for documentation of these 3 individuals:
- the customer/ client
- the contractor/ supplier
- the bookkeeping department/ consignee company/ tax filing purposes
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What relationship between the journal and the ledger?
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
What does it mean when it says the difference of twice a number?
It does not mean anything at all. "Twice a number" is only one number while "the difference" must refer to two numbers, not just one.
How many times did Jesus brake bread in the bible?
Twice while feeding the five thousand and at the last supper.
How can errors occur when collecting data?
One the biggest errors that could occur while collecting data is that people who are giving the information could not give accurate answers and the investigation could be jeopardized.
How many times did Moses fast in the Bible?
Twice see Deuteronomy 9:9 while on the Mountain when God gave him the Ten Commandments and then again in verse 18 while he begged God not to destroy his people.
The difference between event and transaction and why?
transactions is exchange of an asset with consideration of money value while events is any thing in general purpose which occur at specific time and particular place. all transactions are events but not events are transactions. this is due that in order events to be called transactions must involve exchange of values
Was Cleopatra exiled with her Father?
No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.No, there is no record of her father having any member of his family with him while he was in exile.
Are transactions made during a person's life using a power of attorney void after death?
No, transactions that were completed while the principal was alive remain valid under the power of attorney. However, no new transactions can be based on the power of attorney after the principal's death.
Why ledger is called king of all books of account?
Ledger is called the king of all books of accounts because all entries from the books of original entry must be posted to the various accounts in the ledger. It should be noted that journal contains a chronological record while ledger contains a classified record of all transactions
How do you get a badge twice on ROBLOX?
if you lag while obtaining it
Can you buy a new car while in chp 13?
While in a Chapter 13, all major financial transactions need the approval of the bankruptcy trustee.
What Is The Different Between Bookkeeping And Accounting?
Bookkeeping simply concerns with the recording of transactions in the books of accounts while accounting records, sums up, examines and communicates the financial data/transactions/economic events.
Why would an induced over voltage occur and what damage may occur if this happened while working on an unprotected computer?
Why would an induced over voltage occur and what damage may occur if this happend while working on an unprotected computer?
What Difference between data record and information?
data record is about the Recording of data .. while information is the data which we are about to record
Why is it important to record your observations while you are examining a specimen?
Recording observations is important because it provides a permanent record of your findings, allowing for accurate data collection, analysis, and interpretation. It also helps to track changes over time and enables others to replicate the study or further investigate the specimen based on your observations.
Does flatulence occur while pregnant?
yes it does
How can you create accounting codes favorite?
I can add a favorite while reallocating transactions or by using the My Personal Information function
