Question

Write the most appropriate word/term/phrase which can substitute each of the following statements:
A book in which all business transactions are first recorded.

Answer 1

A book in which all business transactions are first recorded is known as a journal. Journal is a book of daily records. Journal is also known as book of prime entry or books of original entry. Daily transactions are recorded in a systematic way. Information recorded in journal serves as a proof or evidence in the court of law.