Book of Accounts and Double Entry System

Question 1

is the accounting record where business transactions are first recorded, Book of original entries

Answer 1

Journal

Question 2

is used to record transactions in a similar nature

Answer 2

Special Journal

Question 3

is used to record sales on account

Answer 3

Sales Journal

Question 4

is used to record purchases of inventory on account

Answer 4

Purchases Journal

Question 5

it is used for all transactions involving receipts of cash

Answer 5

Cash Receipt Journal

Question 6

it used to record transactions involving payments of cash

Answer 6

Cash Disbursement Journal

Question 7

all other transactions that cannot be recorded in the special journals are recorded here

Answer 7

General Journal

Question 8

systematic compilation of a group of accounts to classify the effects of business transactions on the accounts, group of secondary entries

Answer 8

Ledger

Question 9

contains ALL accounts appearing in the trial balance

Answer 9

General Ledger

Question 10

provides the BREAKDOWN of the balances controlling accounts

Answer 10

Subsidiary Ledger

Question 11

groups of accounts

Answer 11

Controlling Accounts

Question 12

it means miscellaneous or various

Answer 12

Sundry