Special Journals-1

Which of the following journals is used to record Cash Payments (Disbursements) ?
1. Cash Disbursements Journal
2. Sales Journal
3. Cash Receipts Journal
4. Purchases Journal
Which of the following is not a typical type of business transaction ?
1. All of the listed answe are typical
2. Purchase On Account
3. Payment To A Supplier
4. Sale On Account
Which of the following Journals is used to record unusual or infrequent types of transactions ?
1. General Journal
2. Cash Receipts Journal
3. Sales Journal
4. Cash Disbursements Journal
To properly record a Sale made On Account to a customer you should -
1. Record the sale in the Sales Journal & Accounts Receivable Subsidiary Ledger
2. Record the Sale in the Sales Journal
3. None of the listed answers is correct
4. Record the Sale in the Purchases Journal & Accounts Payable Subsidiary Ledger
Which of the following accounts is an example of a Control Account ?
1. Both listed answers are correct
2. Accounts Payable
3. Accounts Receivable
4. None of the listed answers is correct
The record or ledger that works in conjunction with the Purchases Journal in order to maintain detailed supplier information is -
1. Accounts Payable Subsidiary Ledger
2. Accounts Receivable Subsidiary Ledger
3. General Journal
4. General Ledger
The Accounts Receivable Subsidiary Ledger provides us with -
1. All of the listed answers are correct
2. Customer's Current Balance
3. Record of all Payments Received from a customer
4. Record of all Invoices (sales) made to a customer
Closing Entries are recorded in what Special Journal ?
1. General Journal
2. Trial Balance
3. Sales Journal
4. None of the listed answers is correct
Transactions recorded in the Special Journals are -
1. Summarized & Posted to the General Ledger
2. Individually posted to the General Ledger
3. Posting to the General Ledger is not required
4. None of the listed answers is correct
Which of the following Journals is used to record all purchases and expenses where suppliers grant credit terms ?
1. Purchases Journal
2. Sales Journal
3. Cash Disbursements Journal
4. General Journal
What Account would probably not be included in a Purchases Journal ?
1. Cash
2. Purchases
3. Accounts Payable
4. Expense Account
Which of the following Journals is used to record the cash received by a business ?
1. Cash Receipts Journal
2. Petty Cash Journal
3. General Journal
4. Sales Journal
Which of the following types of transactions is not normally recorded in the General Journal ?
1. Sales
2. Bank Charges & Fees
3. Closing Entries
4. Inventory Adjustments
What account would probably not be included in the Cash Receipts Journal ?
1. Purchases
2. Cash
3. Accounts Receivable
4. Sales
A Special Journal that is often used to record the return of merchandise sold on account is -
1. Sales Return & Allowances Journal
2. Sales Journal
3. General Journal
4. Purchases Journal
Which of the following Special Journals is normally used to record and summarize employee's salaries and wages ?
1. None of the listed answers is correct
2. Sales Journal
3. Cash Disbursements Journal
4. Purchases Journal
Which of the following Special Journals is used to record sales of services or products made on account ?
1. Sales Journal
2. General Journal
3. Cash Receipts Journal
4. None of the listed answers is correct
Which of the following is a benefit of using Special Journals ?
1. All of the listed answers are correct
2. Saves time with less frequent postings to the General Ledger
3. Allows the grouping and recording of similar types of transactions
4. Allows assigning different employees to different recording tasks

Special Journals-1

Quiz