Uses of The General Journal - SS1 Accounting Past Questions and Answers - page 1
1
Which of the following is NOT a specialized journal?
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A
Sales journal
B
Purchase journal
C
General journal
D
Cash receipts journal
2
Which of the following transactions would be recorded in the purchases journal?
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A
Sale of goods on credit
B
Payment of rent
C
Purchase of inventory on credit
D
Receipt of cash from customers
3
What is the purpose of a cash receipts journal?
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A
To record all cash transactions related to sales
B
To record all cash transactions related to purchases
C
To record all cash transactions related to payroll
D
To record all cash receipts from any source
4
Which of the following accounts would be classified as a contra account?
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A
ales revenue
B
Accounts receivable
C
Accumulated depreciation
D
Cost of goods sold
6
What is the purpose of posting transactions from specialized journals to the general ledger?
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