Journal — Flashcards
NIOS · Class 12 · Accountancy
24 flashcards for Journal (NIOS Class 12 Accountancy) to test yourself on key terms and facts. Sample: "What is a Journal in accounting? Define it"
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What is a Journal in accounting? Define it clearly.
Answer
A Journal is a book of accounts in which all day-to-day business transactions are recorded in chronological order (datewise) in the order of their occurrence. It is also known as the 'Book of Original…
What are the five main columns in a Journal? Explain each briefly.
Answer
The five main columns in a Journal are: (1) Date - Records the date of transaction with month and year; (2) Particulars - Lists the accounts to be debited (with Dr. notation) and credited (with 'To' p…
What is 'Journalising'? Explain the concept and its importance.
Answer
Journalising is the process of recording business transactions in the Journal. It is the first step in the accounting cycle. The importance of journalising includes: (1) Creating a chronological recor…
What is the first step when journalising a business transaction?
Answer
The first step in journalising a business transaction is to 'Identify the Accounts' affected by the transaction. This means determining which two or more accounts are impacted by the transaction. For …
Explain the rules of debit and credit as they apply to different types of accounts.
Answer
The rules of debit and credit are: (1) Assets and Expenses Accounts: Debit if there is an increase, Credit if there is a decrease. For example, when Cash increases, debit Cash Account; when Machinery …
What is a 'Narration' in a Journal entry? Why is it important?
Answer
A Narration is a brief explanation of a Journal entry written in brackets after the debit and credit accounts. It explains the nature and reason for the transaction in simple words. For example, for t…
Journalise the following transaction: Purchased goods worth ₹5,000 for cash on January 5, 2024.
Answer
The Journal entry would be: Date: 2024 January 5 Purchases A/c Dr. ₹5,000 To Cash A/c ₹5,000 (Goods purchased for cash) Explanation: Purchases Account is debited because it is an expens…
What is a 'Compound Journal Entry'? How does it differ from a simple entry?
Answer
A Compound Journal Entry (also called Combined Entry) is a journal entry that affects more than two accounts. Unlike a simple entry which contains only one debit and one credit, a compound entry can h…
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