Question
What is the key difference between the journal and the ledger?
Question 11 options:
The journal is used for monthly financial statements.
The ledger contains more detail than the journal.
One is recorded by date and the other by account.
The ledger will be more accurate than the journal.
Question 11 options:
The journal is used for monthly financial statements.
The ledger contains more detail than the journal.
One is recorded by date and the other by account.
The ledger will be more accurate than the journal.
Answers
GPT-4o mini
The key difference between the journal and the ledger is that **one is recorded by date and the other by account**.
- **Journal**: Transactions are recorded in chronological order (by date) in the journal.
- **Ledger**: Transactions are organized by account, allowing for a detailed view of each account's activity over time.
So, the correct option is: **One is recorded by date and the other by account.**
- **Journal**: Transactions are recorded in chronological order (by date) in the journal.
- **Ledger**: Transactions are organized by account, allowing for a detailed view of each account's activity over time.
So, the correct option is: **One is recorded by date and the other by account.**