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Books of Accounts and Accounting Equation Module

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Books of Accounts and Accounting Equation Module

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Questions and Answers

What is the purpose of a journal in accounting?

To record daily business transactions (correct)

To finalize all business transactions

To classify transactions to their respective accounts

To illustrate the accounting equation

Which type of book of accounts is known as the book of original entry?

Sales return journal

Purchase journal

Ledgers

Journal (correct)

What does a cash disbursement journal specifically record?

Sales made on credit

Cash receipts only

Payment of cash (correct)

Bad orders from customers

Which book of accounts is used for recording bad orders from suppliers?

Purchase journal Signup and view all the answers

What is the purpose of ledgers in accounting?

To classify transactions to their respective accounts Signup and view all the answers

What are the two main types of book of accounts mentioned in the text?

Journal and ledgers Signup and view all the answers

Books of Accounts and Accounting Equation Module

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Questions and Answers

What is the purpose of a journal in accounting?

Which type of book of accounts is known as the book of original entry?

What does a cash disbursement journal specifically record?

Which book of accounts is used for recording bad orders from suppliers?

What is the purpose of ledgers in accounting?

What are the two main types of book of accounts mentioned in the text?

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