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 transactionsĀ
It provides a complete record of all transactionsĀ
It is easy to locate a specific transaction
It provides a summary of the account balances
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What is the purpose of the general journal?
To record transactions that do not fit in a specialized journalĀ
To record transactions related to sales
To record transactions related to purchasesĀ
To record transactions related to cash disbursements
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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
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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
Ā
Payment of salaries
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What is the main difference between a specialized journal and the general journal?Ā
A specialized journal is used for all transactions, while the general journal is only used for specific transactionsĀ
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
Ā
A specialized journal provides a complete record of all transactions, while the general journal only provides a summary of account balancesĀ
A specialized journal is quicker to use than the general journal
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What is the purpose of a general journal in financial record-keeping?Ā
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What advantages does the general journal offer in terms of accuracy and analysis of financial information?
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