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Books of Original Entry Quiz

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Questions and Answers

Which term is another name for books of original entry?

Transactions

Journals (correct)

Ledgers

Daybooks

What is the purpose of books of original entry?

To maintain the general ledger

To capture chronological records

To summarize financial activities

To record financial transactions (correct)

In a double-entry bookkeeping system, how many accounts are typically affected by each financial transaction?

One

Three

Two (correct)

Four

What happens to the transactions recorded in books of original entry?

They are posted to the appropriate accounts Signup and view all the answers

What is the main purpose of the general ledger?

To summarize financial activities Signup and view all the answers

What is the purpose of books of original entry?

To document financial transactions in the accounting system Signup and view all the answers

What are books of original entry also known as?

Journals Signup and view all the answers

How many accounts are typically affected by each financial transaction in a double-entry bookkeeping system?

Two Signup and view all the answers

What is the main purpose of the general ledger?

To summarize financial activities in the books of original entry Signup and view all the answers

What happens to the transactions recorded in the books of original entry?

They are posted to the appropriate accounts Signup and view all the answers

Study Notes

Books of Original Entry

Books of original entry are also known as journals or daybooks.
The purpose of books of original entry is to record financial transactions in a chronological order.

Double-Entry Bookkeeping System

In a double-entry bookkeeping system, each financial transaction typically affects two accounts.

General Ledger

The main purpose of the general ledger is to classify, record, and report the financial transactions and events of a business.

Recording Transactions

Transactions recorded in books of original entry are later transferred to the general ledger accounts.

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Description

Test your knowledge on Books of Original Entry with this quiz. Learn about the role of journals or daybooks in documenting financial transactions in the accounting system.