Which of the following is incorrect with regards to special journals?

A special journal is any accounting journal in the general journal that is used to record and post transactions of similar types.

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A special journal records cash transactions only

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It’s a place where similar transactions can be recorded and organized, so bookkeepers and accountants can keep track of different business activities.

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Special journals are designed as a simple way to record the most frequently occurring transactions.

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Solution

The correct option is B
A special journal records cash transactions only

A special journal records all transactions of similar type & not only cash transactions.

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Which of the following is incorrect with regards to special journals?

The correct option is B A special journal records cash transactions only A special journal records all transactions of similar type & not only cash transactions.

The correct option is B
A special journal records cash transactions only

A special journal records all transactions of similar type & not only cash transactions.