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Posting
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The process of recording transactions in the journal is called posting?
No, it's journalizing.
The procedure of transferring journal entries to the ledger accounts is called?
The whole process of transferring entries from journal to ledger is called posting process.
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
What do you call a journal entry with two or more credits and debits?
Journal entry with two or more debits and credits is called "Compound Journal Entry" because either in one transaction or more than one transactions are join together in one journal entry.
Why a cashbook is called Journalised ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
The process of recording transactions in the journal is called posting?
No, it's journalizing.
The procedure of transferring journal entries to the ledger accounts is called?
The whole process of transferring entries from journal to ledger is called posting process.
What is meant by journal vouchers and brief discussion?
A journal is a book in which transactions are recorded in the order in which they occur i.e chronological order journal is called a book of prime entry or original entry because all the book transactions are recrded in this book the proceess recording transactions in joural is called journalizing.
What relationship between the journal and the ledger?
Both the Journal and the Ledger are the two most important books used under the Double Entry System of "Book-Keeping". The relationship between the "Journal & Ledger" could be expressed as follows: Journal is the book of first or original entry - since all the Business Transactions are recorded first of all in the "Journal". While the "Ledger" is the book of second entry - since the transactions are "Posted" to the "Ledger" from the Journal. The Journal records tranasactions in "Chronological order", while the Ledger records the transactions in analytical order. The Journal is more reliable than Ledger since it is the book in which the entry is entered first. The process of recording transations is termed as "Journalising" while the process of recording transactions in the Ledger is called as "Posting". Ramesh Kutumbaka
The process of transferring the debits and credits from the journal to the ledger accounts is called?
posting
What is proper journalism?
The Journal Proper is the record both in which miscellaneous credit transactions are entered that do not fit in other books. It is also called the Journal Residual or the General Journal.
What do you call a journal entry with two or more credits and debits?
Journal entry with two or more debits and credits is called "Compound Journal Entry" because either in one transaction or more than one transactions are join together in one journal entry.
Why a cashbook is called Journalised ledger?
Cash book is a journal because the transactions are recorded in it for the first time from the source of document and from journal these transactions are posted to the respective account in the ledger. We can say cash book is a ledger also in the sense that it serves the purpose of cash account also.As such cash book is journal as well as ledger, and hence it may call journalised ledger.
Why are transactions recorded in the journals before being entered in the ledger accounts?
Journal is called the book of original entry because it is the first step as per the definition of accounting as well after that transactions are summarized into different ledgers etc.
Write a short note on journal proper?
In every business,all the transactions are recorded through the journal.one journal is sufficient to small business concerns to record all the transaction of the business.but in case of big concerns,the journal is sub-divided into various books i.e. Cash book,purchase book,sales book etc. and the transactions relating to the same group are recorded in one and respective book only.In addition to these books,journal is maintained for recording the transaction,not relating to any one of the above books.the book thus maintained is called Journal Proper.This journal proper is similar to the journal in ruling and form. sometimes,journal is sub-divided but all the books are not maintained.then in the journal proper,the transactions relating to the unmaintained journals are also recorded.
Where to enter cash and credit purchase?
Purchases Journal & Cash Payments Journal.Also called as Specialized Jounal Entries. Purchases Journals record transactions that involve purchases on credit. Source documents here would probably be invoices. The purchase of inventory on credit is recorded in the purchases journal. Cash Receipts Journal record transactions that involve payments received with cash Source documents would probably be receipts and cheque butts.
Why journal is called book of original entry?
The word journal has been derived from the French word "Jour" Jour means day. So, journal means daily. Transactions are recorded daily in journal and hence it has named so. As soon as a transaction takes place its debit and credit aspects are analyse and first of all recorded chronologically (in the order of their occurrence) in a book together with its short description. This book is known as journal. Thus we see that the most important function of journal is to show the relationship between the two accounts connected with a transaction. This facilitates writing of ledger. Since transactions are first of all recorded in journal, so it is called book of original entry or prime entry or primary entry or preliminary entry, or first entry. Farhad Rana (SMUCT)
