Are both registers and special journals necessary?

Q: What kinds of transactions can be recorded in a general journal?

A:

Q: What is a special journal?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: Why are journals and ledgers not modeled in an REA diagram?

A:

Q: What information is each type of document supposed to provide?

A: Answer: There are different types of documents which provide various information.

Q: What necessitated the Aadhaar Paperless Offline e-kyc? What are the steps involved in conducting it?

A: The Unique Identification Authority of India provides a system to verify the identity of an…

Q: What is a memorandum entry? Why it is done?

A: A memorandum entry is different from the journal entries. The memorandum entry is not recorded by…

Q: How are journal vouchers used as a control mechanism?

A: Journal Voucher: Journal voucher are used in providing the inputs for the general ledger. The…

Q: Why is a source document important? List some examples of source documents.

A: Source documents refers to the documents pertaining to a business transaction. It captures the key…

Q: Explain promissory notes?

A: Promissory note refers to a signed written document that contains an unconditional promise to pay…

Q: What is the purpose of special journals? In what ways do they simplify the recording process?

A: Special journal: The purpose special journal is to record the particular types of transactions which…

Q: What is a recurring journal entry? How it affects the whole entry system?

A: REcurring journal entries are the entries which get repeated in every accounting period for example…

Q: How should documents removed from workpapers be treated?

A: Workpaper is the most important part of the audit. It contains all the documentation regarding the…

Q: What is journal? Why is it prepared?

A: Note: As per the policy, we are supposed to solve one question at a time. Kindly repost the further…

Q: What are the two parts of a registration statement? What does each part contain?

A: Registration statement is composed of two parts 1. Prospectus 2. Informational needs of the staff of…

Q: What are the major advantages of the use of special journals?

A: Special Journals are designed to facilitate the process of journalizing and posting transactions.…

Q: What would the journal entry be?

A: A pension plan is usually an agreement between the employer and employee wherein, the employer…

Q: What is reversing journal entries?

A: The journal entries are prepared to record day to day transactions on the regular basis.

Q: Journal entries?

A: Introduction: Journal entries: Recording of a business transactions in a chronological order. First…

Q: What is a journal entry?

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: How to make adjuting entries in journal form?

A: Adjustment entries are the type of journal entries which are prepared to rectify the transactions…

Q: What is the Permanent File?

A: Permanent file is file which contains information and documents of a company which are to be used by…

Q: What is the purpose of a bookkeeping system?

A: This question explains about the purpose of a bookkeeping system

Q: Does differential analysis require journal entries? Why or why not?

A: When choosing between multiple possible actions, differential analysis implies that we take into…

Q: What is Journal?

A: Journal is a primary book of account in which transactions are first recorded in a chronological…

Q: What are reverse journal entries? Are these required by GAAP?

A: Reversing entries are journal entries made at the beginning of an accounting period to reverse or…

Q: How do I journalize?

A: Bonds payable are the type of long term bonds issued by the corporations. These are generated when…

Q: correct journal entry?

A: February / 3 Pre incorporation Expenses $9000               TO cash / Bank.              $9000…

Q: What is bookkeeping

A: Book Keeping is one of the functions of accounting.

Q: How would you find errors in recording transactions and what is the process to correct errors?…

A: Accounting error: Accounting errors can be defined as omission of the fundamental accounting…

Q: What is a prefiling conference, and why might it be helpful to a registrant?

A: Prefilling conference: A prefilling conference is requested by a company if it faces problems or…

Q: Differentiate between source documents and vouchers.

A: A source document is generated routinely when the transaction takes place as a cash memo; invoice,…

Q: I need the transactions that will be put in special journals

A: Special journals are specialized list of financials journals that are used to record the most…

Q: What is Journal? Explain

A: Journal is a book in which all transactions are passed including cash , sales , purchase , expenses…

Q: What is journal proper? State what are the entries used to record it?

A: Journal proper was used to make original record of the transactions where there is no special…

Q: How do reversing entries simplify recordkeeping?

A: Reversing Entries   Reversing entries are the journal entries that are made in the beginning of the…

Q: What documents constitute the AP packet? Whatevidence does each document provide?

A: An organization should record a liability in its books of accounts based on the invoice amount after…

Q: What is the purpose of a check digit?

A: A check digit is a form of control check which is used for the purpose of error detection on…

Q: What are the types of special journals?

A: Special journal:   The special journal represents similar types of transactions that are recorded…