This set of multiple choice questions (MCQs) focuses on the special journal. You can use this quiz to help prepare for your exams, interviews, and other assessments.
If you have any difficulties answering these questions, read our special journal article to learn everything you need to know.
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Special Journal MCQs quiz
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Question 1 of 8
1. Question
A purchase book is maintained to record:
Correct
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Your answer is incorrect. The correct answer is “All credit purchases” (option 1).
Question 2 of 8
2. Question
All the acceptances received from debtors are recorded in:
Correct
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Incorrect
Your answer is incorrect. The correct answer is “Bills Payable Book” (option 3).
Question 3 of 8
3. Question
The document sent to a customer when they return merchandise is known as:
Correct
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Incorrect
Your answer is incorrect. The correct answer is “Credit note” (option 3).
Question 4 of 8
4. Question
The periodical total of the sales book is posted to:
Correct
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Incorrect
Your answer is incorrect. The correct answer is “Credit of sales account” (option 3).
Question 5 of 8
5. Question
Transactions for which there is no separate book are recorded in the:
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Your answer is incorrect. The correct answer is “Journal proper” (option 4).
Question 6 of 8
6. Question
A debit note is the basis for recording in:
Correct
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Incorrect
Your answer is incorrect. The correct answer is “Purchase returns” (option 1).
Question 7 of 8
7. Question
A credit purchase of machinery would be recorded in:
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Your answer is incorrect. The correct answer is “Journal proper” (option 3).
Question 8 of 8
8. Question
The persons from whom goods are purchased on credit are known as:
Correct
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Your answer is incorrect. The correct answer is “Creditors” (option 2).
A Special Journal is a place where you can track your spending and saving habits. This can be helpful to stay mindful of your spending and identify areas where you may be able to save money. You can also use this journal to keep track of any other financial goals that you may have.
How often should I update my Special Journal?
There is no one-size-fits-all answer to this question, as the contents of your journal will depend on your specific needs and goals. However, some suggested items to track include your income, expenses, debts, and assets. You may also want to track your net worth over time to see how your finances are changing.
How often should I update my Special Journal?
How often should I update my Special Journal?
What should I do if I encounter a problem while using my Special Journal?
If you are having difficulty using your journal or encounter any other problems, the best thing to do is to seek help from a financial advisor. They can assist you in setting up your journal and help you to achieve your financial goals.
Why is Special Journal important?
Special Journals are used to keep track of specific transactions like cash receipts or sales. The use of Special Journals reduces the time required to record transactions and post them to the ledgers.
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®), author of The Handy Financial Ratios Guide, 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.
Awesome! Your answer is correct.
Your answer is incorrect. The correct answer is “All credit purchases” (option 1).
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