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Questions and Answers
What is the primary purpose of a journal?
What is the primary purpose of a journal?
- To analyze financial ratios and trends
- To summarize account balances at the end of the year
- To classify transactions into different accounts
- To record daily transactions of the business (correct)
Which of the following is NOT a type of specialized journal?
Which of the following is NOT a type of specialized journal?
- Trial balance journal (correct)
- Purchase return journal
- Cash receipt journal
- Sales journal
What is the primary function of a ledger?
What is the primary function of a ledger?
- To summarize account balances for financial statements
- To classify transactions into their respective accounts (correct)
- To record daily transactions
- To analyze financial ratios and trends
Which journal is used to record cash payments made by the business?
Which journal is used to record cash payments made by the business?
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In which book of accounts are transactions initially recorded?
In which book of accounts are transactions initially recorded?
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Which journal is used to record sales made on credit?
Which journal is used to record sales made on credit?
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What is the purpose of the sales return journal?
What is the purpose of the sales return journal?
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Which journal is used to record purchases of goods or services from suppliers?
Which journal is used to record purchases of goods or services from suppliers?
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