General Journal: Meaning And Definition - SS1 Accounting Past Questions and Answers - page 1
What is the first step in extracting a balance from a ledger account?
Review the account transactions
Determine the account type
Identify the account you want to extract the balance from
None of the above
What is the purpose of a general journal?
To record financial transactions in chronological order
To record only adjusting entries
To record only closing entries
None of the above
Which of the following transactions would be recorded in a general journal?
Sales transactions
Purchase transactions
Adjusting entries
Petty cash transactions
How do you determine the balance of a ledger account?
Review the account transactions
Identify the account type
Add up all the transactions recorded in the account up to a specific date
None of the above
What is the purpose of a general journal?