The book that contains every transaction that has occurred in a business and is recorded in chronological order is called a
Record-keeping is important in every business. When records are kept, the owners of the business can identify when they are making profits or losses.
Original books of entry referred to as Journals are used to enter information in chronological order as the business progresses.
The pieces of information and data are recorded as they occur, thus the term, chronological order.
Later, the information entered into the journal can be transferred to an accounts ledger book.
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