Which of the following is/are correct? I. The Journal is the book for chronological record
Which of the following is/are correct?
I. The Journal is the book for chronological record
II. The ledger is the book for analytical record
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Correct answer: (C) Both I and II
Explanation
The journal records transactions in date order (book of original entry, chronological), while the ledger classifies them account-wise (analytical record). Both statements are correct.