13 May WHAT IS THE PURPOSE OF A JOURNAL?
Answer each topic questions and cite all references if any
1. In what order are accounts arranged in the general ledger? Why?
2. What is the value of having a description for each general journal entry? What procedure is used to record an entry in the general journal?
3. What is an audit trail? Why is it desirable to have an audit trail? Explain
4. How should corrections be made in the general journal? Explain
5. What is a compound journal entry? Explain and provide example
6. What is the accounting cycle? Explain and provide example
7. What are posting references? Why are they used?
8. What is the purpose of a journal?
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