Accountancy Quiz - Recording of Transactions - II
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Preview questions
1. What is the primary purpose of a journal in accounting?
To summarize financial statements · To record transactions in chronological order · To prepare budgets · To analyze financial ratios
2. Which of the following is NOT a characteristic of a journal?
Chronological order · Permanent record · Multiple entries per transaction · Single entry per transaction
3. In double-entry accounting, each transaction affects how many accounts?
One · Two · Three · Four
4. What is the term used for the first entry made in the journal?
Posting · Journalizing · Trial balance · Ledger
5. Which of the following is recorded in the journal?
Trial balance · Financial statements · Transactions · Balance sheet
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