Question

Which of the following types of financial records shows the most detail for each transaction?

1) 0/1
2) General journal
3) General ledger
4) Trial balance
5) T-account

Answer 1

The General journal shows the most detail for each transaction, including the date, accounts impacted, amounts, and a brief description.

Step-by-step explanation:

The type of financial record that shows the most detail for each transaction is the General journal. It is the primary bookkeeping record of a business that uses double-entry bookkeeping. The general journal includes the date of the transaction, the accounts impacted, the amounts of debits or credits, and a brief description of the transaction.

In contrast, other financial records such as the General ledger aggregate all transactions related to a particular account, the T-account is a visual representation of individual accounts that looks like a 'T' and is a simpler form showing only the balance without details of each transaction, and the Trial balance shows the balance of all the accounts at a certain point in time without providing transaction-level detail.