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General Journal MCQs FAQs
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.
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.
Yes, you can use a computer to keep your Accounting Journal. However, it is essential to ensure that you have a backup system in place in case of accidents or computer failures. You may also want to consider printing out a copy of your journal each month, so you have a physical record of your transactions.
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.
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 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.