Special Journal Q&A

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

Test your understanding of the special journal by answering the 9 short questions given below. We recommend that you attempt to answer each question yourself before revealing the answers.

If you find any of these questions challenging, check out our article covering the special journal to learn everything you need to know.

1. What is a purchase book?

2. What is a sales book?

3. What is a purchase returns or returns outwards book?

4. What is a sales returns or returns inwards book?

5. What is the bills receivable journal?

6. What is the bills payable book?

7. What is the general journal?

8. What is a debit note?

9. What is a credit note?

Frequently Asked Questions

What is the Special Journal?

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.

What are the advantages of using a Special Journal?

Special Journals handle specific transactions. Using them reduces the time required to record transactions and post them to the ledgers.

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.

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