Advantages of A General Journal - SS1 Accounting Past Questions and Answers - page 1
Which of the following is a disadvantage of the general journal?
It can be time-consuming to record transactions
It provides a complete record of all transactions
It is easy to locate a specific transaction
It provides a summary of the account balances
What is the purpose of the general journal?
To record transactions that do not fit in a specialized journal
To record transactions related to sales
To record transactions related to purchases
To record transactions related to cash disbursements
Which of the following is an advantage of the general journal?
It provides a specialized record of transactions
It is easy to make errors when recording transactions
It provides a complete record of all transactions
It is quicker to record transactions in a specialized journal
Which of the following is an example of a transaction that would be recorded in the general journal?
Cash sales
Credit sales
Payment of accounts payable
Payment of salaries
What is the main difference between a specialized journal and the general journal?
A specialized journal is used for all transactions, while the general journal is only used for specific transactions
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
A specialized journal provides a complete record of all transactions, while the general journal only provides a summary of account balances
A specialized journal is quicker to use than the general journal
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.
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.