A short description of every transaction made in the journal is called

Related MCQs

• A few errors committed in Ahhiwalia's books of account are given below. State which errors would affect the Trial Balance. (a) Sales of `950 to Ram completely omitted from books of account (b) Purchases of `720 from Shyam entered in the purchases journal as `700 (c) Purchases Journal is overcast by `1,000 (d) Sales returns journal is undercast by `200 (e) Amount paid to Agarwal wrongly posted to the debit to Mittal's account (f) Bank overdraft shown under debit column in the Trial Balance (g) Sales of `500 to Sadiq entered in sales journal as sales to Mushtaq (h) Wages paid for installation of machinery debited to wages account
• ABC Ltd. makes payments to its Sundry Creditors through cheques and the Cash Discount received on these payments is recorded in the Triple-columnar Cash Book. In the event of dishonour of any such cheques, the discount so received should be written back through (i) A debit to discount column of the Cash Book (ii) A credit to discount column of the Cash Book (iii) A credit to bank column of the Cash Book (iv) A debit to Discount Account through Journal Proper (v) A credit to Creditor‘s Account through Journal Proper
• Recording of transaction in the journal is called
• Recording of a transaction in a Journal is called
• XYZ Ltd. Paid wages of ` 8,000 for erection of machinery. The journal entry for the transaction is
• In every business transaction at least ______parties are involved
• Every transaction has two aspects i.e., debit and credit, under which of the following accounting principles:
• Special journal is also called
• Journal entries passed to correct the errors are called
• The process of recording transactions in a journal is known as _______