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Test Your Knowledge Interesting facts for students What every student should know Quotes for Students

What students should know

A journal, also called book of original entry or book of primary entry or book of first entry or day book or chronological book is a book where daily transactions are recorded in a chronological order (the order of occurrence).

A journal contains the total record of all transactions made by a company. It can be distinguished into different types which will include:

  • Sales Journal: For recording inventory and sales.

  • Cash Receipts Journal: For recording money received from sales or cash inventory.

  • Purchase Journal: For recording all purchases made by a company.

  • General Journal and so on.


The content of a journal include the followings:

  1. The date when the transaction occurred.

  2. The description of the transaction.

  3. Debits

  4. Credits

  5. Accounts affected


Bank Wire is a messaging system that allows banks to communicate the various events occurring on a clients’ account.

As an instance, when your account is credited by someone, you may get a notification from your bank with details concerning such transaction.

Such notification(s) from the above instance is a function of bank wire

The term 'wire' in a bank wire signifies a computer based programmed messages that are sent to the bank customers regarding their account information, transactions and other important financial notifications. These messages are always secured and may be encrypted along the wire.

Please read more on bankwire and wire transfer here


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Questions for Student

Please check out our Test Your Knowledge page to see all Questions and Answers

Which of the followings isn't a characteristics of commerce?

  • A. Commerce is solely aimed at making profit

  • B. Commerce is 100% business

  • C. Commerce is a discontinuous process because it eventually satisfies human needs

  • D. Commerce is accompanied by uncertainties

  • E. Transaction processes are always done in commerce

  • F. Commerce connects the processes of production and marketing


An instance of farming whereby a farmer uses animal and green manure as fertilizers in place of chemicals like NPK is termed _____.

  • A. Reformative farming

  • B. Alternative farming

  • C. Crude farming

  • D. Retrogressive farming

  • E. Non-Chemical farming

  • F. Agro-farming

Agricultural Science

The planting of 🌲 tree crops 🌲 on an area of land with little or no trees is termed _____.

  • A. Reforestation

  • B. Forestation

  • C. Forestry

  • D. Afforestation

  • E. Deforestation

  • F. Tree-Crop Plantation

Agricultural Science