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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 journalĀ 

D

Cash receipts journalĀ 

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2

Which of the following transactions would be recorded in the purchases journal?Ā 

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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 customersĀ 

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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

Ā To record all cash transactions related to payrollĀ 

D

To record all cash receipts from any sourceĀ 

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4

Which of the following accounts would be classified as a contra account?

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A

ales revenue

B

Accounts receivableĀ 

C

Accumulated depreciation

D

Cost of goods soldĀ 

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5

Define the term "specialized journal."

Ā 

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6

What is the purpose of posting transactions from specialized journals to the general ledger?

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Uses of The General Journal - SS1 Accounting (Page 1) - EduPadi Classroom