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Financial Statements of NPO

Recording two...

Question

Recording two fold effects of each transaction in the journal is called journalisation.

A

True

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B

False

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Solution

The correct option is A True
The process of recording transactions in the book of original entry is known as journalising. The transactions are recorded in the form of a Journal entry.
Recording is made in the double-entry system of accounting. Thus, it records the two-fold effect of every transaction.

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