General Journal MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on April 29, 2022

Take a quick Multiple Choice Questions (MCQs) test about General Journal. These MCQs can help you to prepare for your exams, interviews and different tests. Just click the “start quiz” button and start General Journal MCQs quiz.
If you find difficulty in answering these questions, read ‘General Journal‘ chapter thoroughly from explanation section of the website.

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Frequently Asked Questions

What is an Accounting Journal?

An Accounting Journal is a record of financial transactions. It includes information such as the date of the transaction, who was involved, what was bought or sold, and how much money was involved. This information can be used to track the progress of a company’s finances over time.

Can I use a computer to keep my Accounting Journal?

Keeping a journal is important because it allows businesses to track their financial progress over time. This information can be used to decide where to allocate resources and improve the company’s financial standing.

Can I use a computer to keep my Accounting Journal?

Can I use a computer to keep my Accounting Journal?

What is the difference between an Accounting Journal and a General Ledger?

The main difference between an Accounting Journal and a General Ledger is that the journal is a chronological record of all financial transactions, while the ledger summarizes those transactions. In addition, the ledger includes information such as the date of the transaction, the amount of money involved, and the affected account. This information can be used to track a company’s financial progress over time.

Should I keep my Accounting Journal for a long time?

It is generally a good idea to keep your Accounting Journal for at least seven years. This will allow you to track the company’s financial progress over some time. However, you may want to keep it for longer if there are any significant changes in the company’s finances.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.