Question: Which statement is correct? 1. Every company must at least run a purchase and a sales journal. 2. A purchase ledger is required by IAS

Which statement is correct?

1. Every company must at least run a purchase and a sales journal.

2. A purchase ledger is required by IAS 2.45.

3. There is no obligation to apply books of original entries.

4. Books of original entries are not required except of a cash book.

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