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Advantages of A General Journal - SS1 Accounting Past Questions and Answers - page 1

1

Which of the following is a disadvantage of the general journal?

A

It can be time-consuming to record transactions 

B

It provides a complete record of all transactions 

C

It is easy to locate a specific transaction

D

It provides a summary of the account balances

correct option: a
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2

What is the purpose of the general journal?

A

To record transactions that do not fit in a specialized journal 

B

To record transactions related to sales

C

To record transactions related to purchases 

D

To record transactions related to cash disbursements

correct option: a
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3

Which of the following is an advantage of the general journal?

A

It provides a specialized record of transactions

B

It is easy to make errors when recording transactions

C

It provides a complete record of all transactions

D

It is quicker to record transactions in a specialized journal

correct option: c
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4

Which of the following is an example of a transaction that would be recorded in the general journal?

A

Cash sales

B

Credit sales

C

Payment of accounts payable

 

D

Payment of salaries

correct option: d
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5

What is the main difference between a specialized journal and the general journal? 

A

A specialized journal is used for all transactions, while the general journal is only used for specific transactions 

B

A specialized journal is used for specific types of transactions, while the general journal is used for transactions that do not fit in a specialized journal

 

C

A specialized journal provides a complete record of all transactions, while the general journal only provides a summary of account balances 

D

A specialized journal is quicker to use than the general journal

correct option: b
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6

What is the purpose of a general journal in financial record-keeping? 

The purpose of a general journal is to record all financial transactions of a business in chronological order.

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7

What advantages does the general journal offer in terms of accuracy and analysis of financial information?

The general journal helps to ensure accuracy by providing a centralized location for recording all financial transactions, and it offers advantages in terms of analysis by providing detailed information for decision-making purposes.

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