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Academic Questions in Accounts

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The debited and credited accounts are written in which column of a journal?

  • A. Date

  • B. Particulars

  • C. Folio

  • D. Ledger

  • E. Amount

  • F. None of the above

A journal may also be referred to any of the following except _____.

  • A. Book of original entry

  • B. Book of primary entry

  • C. Book of first entry

  • D. Initial book

  • E. Day book

  • F. Chronological book

Which of the following statement is true concerning bank wire?

  • A. Another name for bank wire is cash transfer

  • B. The term 'wire' in bank wire signifies a computer based programmed message sent to a bank customer in regards to their account information, transaction and other important financial notifications

  • C. The International Bank Account Number (IBAN) must always be involved when carrying out a bank wire process

  • D. The term bank wire has no significant relationship with wire transfer

  • E. Cyber criminals cannot utilize bank wire threats like CSRS, phishing and whaling to achieve their fradulent act

  • F. All the above statements are true

The following are recommendations to follow during the process of balance sheet reconciliation EXCEPT _____.

  • A. All balance sheet accounts should be reconciled periodically, quarterly or annually

  • B. Comparing the trial balance of both the payables and receivables with the respective aging schedule

  • C. Analysis of enteries and relocating them to a sub-ledger if need be

  • D. Comparing the general ledger trial balance of the account to another source; for instance, a bank statement

  • E. Analysis of the differences in both accounts and making appropriate correction to ensure the correctness of entered information

  • F. None of the above


NOTABLE POINTS IN Accounts

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