The concise statement used to explain entries in the general journal is known as?
Question 1 Report
The concise statement used to explain entries in the general journal is known as?
Answer Details
The concise statement used to explain entries in the general journal is known as "narration".
Narration is a brief explanation or description of the transaction that took place, which includes the date, the accounts involved, the amounts, and any additional information that is relevant. It helps to provide a clear and detailed record of the transaction for future reference and auditing purposes.
In simpler terms, narration is like a short story that explains what happened in the transaction, so that anyone who reads the journal entry can understand it without any confusion.
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