“30” Short Questions and Answers-Journal
The importance of “Journal” is immense in accounting. The recording of the transaction starts with the journal. Today, I’m going to share “30” Short Questions and Answers-Journal.
If you read it from the beginning to the end, I am sure you’re going to get the basic concept of the journal.
If you practice it on a regular basis, it will certainly improve your accounting skills, which will help you win any accounting competition.
For theory please read this article Accounting Journal-Definition, Features, Rules for Journal Entry
So let’s get started.
Question-01: What is a journal?
Answer: The book in which the detail of the transactions is recorded first analyzing the debit and credit side of a transaction and is written chronologically with an explanation is called a journal.
Question-02: What language does the word “journal” come from?
Question-03: What is the 3rd step of the accounting cycle?
Question-04: What is Journal called?
Answer: A journal is called the Primary books, daily books,and subsidiary books of accounts.
Question -05: What is the feature of the journal?
Answer: primary/day/subsidiary books of accounts, Analysis into the dual aspect, Provide narration, recording in equal amounts, a reference to the litigation of disputes, etc.
Question-06: What are the benefits of a journal?
- Permanent record
- Determination of heads of accounts
- Storehouse of information
- Future reference
- Maintenance of continuity of transactions
- Aid to maintain the cleanliness of ledger
- Aid to litigate disputes, etc.
Question-07: Why is Journal called the book of basic accounts?
Answer: Because if any doubt arises, it can be examined in the journal.
Question-08: Which accounts can be easily separated through the journal?
Answer: Nominal accounts, Personal accounts, and Asset accounts.
Question-09: What is the main purpose of the journal?
Answer: Initial accounting.
Question-10: Journal is divided into how many categories for the convenience of accounting?
Answer: In eight (8) classes,
Question-11: Journal makes it easy to prepare which account?
Question-12: What is the total number of columns in the journal table?
Question-13: What is a simple journal?
Answer: A journal that has a debit account and a credit account is called a simple journal.
Question-14: What is a mixed journal?
Answer: A journal that has multiple debit accounts and multiple credit accounts is called a mixed journal.
Question-15: Special journals can be divided into how many parts? What are their names?
Answer: Two (2). Special Journal and Proper Journal.
Question-16: What is a Special journal?
Answer: Almost all the transactions that takes place in business are recorded in special journal.
Question-17: Special journals can be divided into how many parts? What are their Names?
Answer: Six (6). Purchase Journal, Sales Journal, Purchase Return Journal, Sales Return Journal, cash Receipt Journal and Cash Payment Journal.
Question- 18: What is the purchase Journal?
Answer: All the goods purchased on credit for business are recorded in the purchase journal.
Question-19: what is a sales journal?
Answer: All the credit goods sales of a business are recorded in the sales journal.
Question-20: What is Purchase return Journal?
Answer: Goods purchased on credit but returned are recorded in the purchase return journal.
Question-21: What is the sales return journal?
Answer: Goods sold on credit but returned are recorded in the sales return journal.
Question-22: What is the cash receipt Journal?
Answer: The transactions that include cash receipts are recorded in the cash receipt journal.
Question-23: What is Cash Payment Journal?
Answer: The transactions that include cash payments are recorded in cash payment journal.
Question-24: What is Proper Journal?
Answer: The transactions which are not included in a special journal are included in the proper Journal.
Question-25: The Proper journal can be divided into how many parts? What are their names?
Answer: Four (4). Rectification Journal, Adjusting Journal, Closing Journal, and Opening Journal.
Question-26: What is Rectification Journal?
Answer: The entry which is given for the rectification of error on recording transactions is known as Rectification Journal.
Question-27: What is the adjusting Journal?
Answer: The entry which is given for the unrecorded and unadjusted items is known as the adjusting Journal.
Question-28: What is closing Journal?
Answer: The entry which is given for the closing of nominal accounts (Income and expenses) is known as closing Journal.
Question-29: What is opening Journal?
Answer: The entry which is given for carrying out the last year’s assets, liabilities, and owner’s equity to the beginning of the next year is known as opening Journal.
Question-30: what is known from the journal?
Answer: Total number of transaction, total number of money, and reason of transaction.
I hope, at the end of the article you have a basic idea about the journal. Practice these “30” Short Questions and Answers-Journal on a regular basis.
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