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13 August, 17:15

What effect may result if specific account titles are not used in journalizing? the financial statements may be not be accurate?

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  1. 13 August, 17:23
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    If specific account titles are not used in journalizing, the accountant may be confused in where to credit or debit the specific transaction. Yes, the financial statements may be not be accurate since there is possibility that the transaction was recorded to another account not appropriate for the specific transaction.
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