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General Journal: Meaning And Definition - SS1 Accounting Past Questions and Answers - page 1

1

What is the first step in extracting a balance from a ledger account?

A

Review the account transactions

B

Determine the account type

C

Identify the account you want to extract the balance from

D

None of the above

correct option: c
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2

What is the purpose of a general journal?

A

To record financial transactions in chronological order

B

To record only adjusting entries

C

To record only closing entries

D

None of the above

correct option: a
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3

Which of the following transactions would be recorded in a general journal? 

A

Sales transactions

B

Purchase transactions 

C

Adjusting entries 

D

Petty cash transactions

correct option: c
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4

How do you determine the balance of a ledger account? 

A

Review the account transactions

B

Identify the account type

C

Add up all the transactions recorded in the account up to a specific date 

D

None of the above

correct option: c
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5

What is the purpose of a general journal?

The purpose of the general journal is to provide a complete record of all the company's financial transactions so that they can be analyzed, posted, and used to prepare financial statements.

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