WEEK 5

Question 1

Used to record transactions

Answer 1

BOOK OF ACCOUNTS

Question 2

Recording the business transaction to the general journal

Answer 2

JOURNALIZING

Question 3

Transferring or summarizing the transaction from the general journal to the general ledger

Answer 3

POSTING

Question 4

A record of daily financial transactions organized chronologically

Answer 4

JOURNAL

Question 5

The information record in a journal valid transactions

Answer 5

ENTRY

Question 6

A record of the business daily transactions

Answer 6

Book of Original Entry

Question 7

If a transaction is composed of one debit and one credit

Answer 7

Single Journal entry

Question 8

If a transaction has more than one debit and one credit

Answer 8

Compound Journal Entry

Question 9

Simplest form, records transactions using the journal voucher system

Answer 9

General Journal

Question 10

Simplifies the classification and summarization of accounts from recurring transactions

Answer 10

Special Journal

Question 11

reflects the economic effects of the business organization’s transactions after they are posted or

Answer 11

Book of Final entry ( Ledger )

Question 12

Classifies the activity for each organization accounts from the journal

Answer 12

General Ledger

Question 13

Includes details of various account such as accounts receivable and accounts payable

Answer 13

Subsidiary Ledger