Accounting Journals and Ledgers Quiz

What is the purpose of an accounting journal?

• To create budgets

• To calculate taxes

• To hire employees

• To record financial transactions

What is another name for a journal?

• Book of original entry

• Sales ledger

• Financial report

• Expense tracker

What does the purchase journal record?

• Asset purchases

• Credit purchases of inventory

• Cash purchases

• Sales returns

What should not be recorded in the purchase journal?

• Inventory returns

• Cash purchases

• Credit purchases

• Sales transactions

What is recorded in the cash receipts journal?

• Loan applications

• Employee salaries

• Inventory purchases

• Payments from customers

What is another name for the cash disbursements journal?

• Cash payments journal

• General journal

• Sales journal

• Purchase journal

What does the sales journal keep track of?

• Cash sales

• Inventory purchases

• Expense payments

• Credit sales

Where are credit returns recorded?

• Sales journal

• Cash receipts journal

• Sales returns journal

• Purchase journal

What is the general journal used for?

• Calculating profits

• Managing employee records

• Recording all transactions

• Tracking cash flow

What is the main purpose of an accounting ledger?

• To record daily sales

• To summarize account details

• To manage inventory

• To track employee hours