5 Questions
Which of the following is the primary book of account where financial transactions are first recorded in chronological order?
Journal
What is the accounting voucher used for?
Recording transactions in the Journal book
What is the journal also known as?
Book of Prime Entry
What is the first step in journalising a transaction?
Identify the affected accounts
What are the three types of affected accounts in journalising?
Personal, Real, Nominal
Test your knowledge on the meaning and importance of a journal in accounting. Assess your understanding of how financial transactions are recorded in chronological order and how source documents are used to create accounting vouchers.
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