True or False: There are two types of journals: Accounting journals and Operational journals.

The assertion that there are two types of journals—Accounting journals and Operational journals—is accurate.

Accounting journals serve as the record-keeping mechanism for financial transactions within the accounting system. They are essential for maintaining an accurate ledger and include entries that impact the financial statements of an organization. Examples of accounting journals include the general journal, sales journal, and purchase journal.

Operational journals, on the other hand, are related to the day-to-day operations of a business and may not directly affect the accounting system. They capture transactions that are important for operational reporting and management purposes but may not always be reflected in financial reports in the same way accounting journals are.

Understanding both types helps in grasping the comprehensive approach to maintaining financial records, as businesses rely on both for different aspects of reporting and analysis.