U1 AOS 2 Cash Receipts and Cash Payments Journal

Question 2

What is the primary purpose of a cash receipts journal?

Answer 2

To record all cash inflows from various sources.

Question 3

True or False: A cash payments journal is used to track cash inflows.

Answer 3

False

Question 4

Fill in the blank: The cash receipts journal typically includes columns for date, __________, and amount received.

Answer 4

source

Question 5

Which of the following is NOT typically included in a cash payments journal? A) Date B) Payee C) Revenue C) Amount Paid

Answer 5

C) Revenue

Question 6

What type of accounts are primarily affected by transactions recorded in the cash payments journal?

Answer 6

Expense accounts and liability accounts.

Question 7

Which column tracks when the transaction took place?
A) Receipt No.
B) Details
C) Date
D)GST received

Answer 7

C

Question 7

Fill in the blank: ___________ is a daily record of the details of all cash receipts.

Answer 7

Cash Receipts Journal

Question 8

In which column of the Cash Receipts Journal would you record a receipt from loan.

Answer 8

Sundry receipts.