The General Journal is used to produce all monthly and yearly financial statements False True

## Step1: Understanding the Role of the General Journal<br />### The General Journal is primarily used to record all financial transactions in chronological order. It serves as the initial point of entry for financial data before it is posted to the General Ledger.<br /><br />## Step2: Producing Financial Statements<br />### Monthly and yearly financial statements are typically produced from the General Ledger, not directly from the General Journal. The General Ledger summarizes the information recorded in the General Journal and organizes it by account.