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Questions and Answers
Which of the following is the primary book of account where financial transactions are first recorded in chronological order?
Which of the following is the primary book of account where financial transactions are first recorded in chronological order?
- Ledger
- Journal (correct)
- Balance Sheet
- Income Statement
What is the accounting voucher used for?
What is the accounting voucher used for?
- Recording transactions in the Ledger
- Recording transactions in the Income Statement
- Recording transactions in the Journal book (correct)
- Recording transactions in the Balance Sheet
What is the journal also known as?
What is the journal also known as?
- Balance Sheet
- General Ledger
- Income Statement
- Book of Prime Entry (correct)
What is the first step in journalising a transaction?
What is the first step in journalising a transaction?
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What are the three types of affected accounts in journalising?
What are the three types of affected accounts in journalising?
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