Chapter 7: Journals

Question 1

Journals

Answer 1

The accounting records of an entity in which all accounting activities (transactions and events) of the entity are recorded systematically.

Question 2

Purpose of ledger accounts

Answer 2

To gather and classify suitable and usable information.

Question 3

Trial balance

Answer 3

A list that is prepared from all the balances in the general ledger to verify whether the double entry for each transaction has been completed.