what do you mean by original record
Answers
Explanation:
August 16, 2019. Books of original entry refers to the accounting journals in which business transactions are initially recorded. The information in these books is then summarized and posted into a general ledger, from which financial statements are produced.
Explanation:
If we follow the order in which an accounting entry finds a record in original documents, we will come across journals and ledgers. The Books of original entry usually refers to the accounting journal. In this, you record any business transaction that occurs at a firm initially.
Keeping in mind the double entry system of accounting, the information in these books is summarized and then posted into a general ledger. From such ledgers, firms create financial statements. Each accounting journal contains detailed records for the types of accounting transactions pertaining to a specific area