What is the primary purpose of special journals?

Fundamentals of Accounting Quiz

Quiz
•
Life Skills
•
12th Grade
•
Easy
Charlot Dacera
Used 2+ times
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To eliminate the need for a general ledger
To group similar transactions together
To record only cash transactions
To record all transactions individually
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a type of special journal?
Cash receipts journal
Inventory journal
Sales journal
Purchases journal
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is recorded in the sales journal?
Purchases on account
Sales on account
Cash payments
Cash sales
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which document serves as evidence of cash received?
Official receipt
Purchase order
Delivery receipt
Invoice
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term 'posting' refer to in accounting?
Transferring information to the ledger
Preparing financial statements
Closing the accounts
Recording transactions in the journal
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is a characteristic of a ledger?
It is used only for cash transactions
It records transactions in chronological order
It eliminates the need for journals
It summarizes increases and decreases of individual accounts
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the first step in the accounting cycle?
Preparing the trial balance
Identifying and analyzing transactions
Journalizing transactions
Posting to the ledger
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