Question

Objectives and importance of journal

Answer 1

Answer:

The objectives of journal are as follows:

To record the financial transactions in a systematic way.

To show necessary information in a systematic way. To provide legal evidences of business. To provide data wise (chronological) record of transactions.Journal entries are the foundation for all other financial reports. They provide important information that are used by auditors to analyze how financial transactions impact a business. The journalized entries are then posted to the general ledger.