Accounting - The general journal

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Reasons for using the general journal

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To reduce the risk of fraud, to reduce the risk of errors and to provide a book of prime entry for non
regular transactions

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How does the general journal help to reduce
fraud?
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By making it difficult for unauthorised transactions to be entered into the accounting system

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Terms in this set (6)

Reasons for using the general journal

To reduce the risk of fraud, to reduce the risk of errors and to provide a book of prime
entry for non regular transactions
How does the general journal help to reduce fraud?
By making it difficult for unauthorised transactions to be entered into the accounting
system
How does the general journal help to reduce mistakes?
By listing transactions that are to put into the double entry system
Error of principle - what do you if the cost of fuel has been wrongly debited to the
vehicles account ?
Debit expenses credit vehicles account
Compensating error - when rent account is over casted and sales account is also
overcasting
Debit sales and credit rent
Error of original entry - when postages of £45 Is entered incorrectly as £54
Debit bank by 54 credit postages , debit 45 postages and credit bank

Accounting- a general journal

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journal
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a form used to record transactions in
chronological order
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journalizing
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Recording transactions in a journal
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sydgeist
Tags related to this set
Accounting
Double Entry Accounting
Goods And Services
Accounting

Terms in this set (11)

journal
a form used to record transactions in chronological order
journalizing
Recording transactions in a journal
entry
recorded information for each transaction
general journal
A journal with two amount columns in which all kinds of entries can be recorded
accuracy
your information has tk be checked against source documents
chronological order
in order by date
Double Entry Accounting
each transaction effects two accounts
source document
A business paper from which information for a transaction comes from
check
business form ordering a bank to pay
invoice
form thag describes the goods and services you are selling
sales invoice
sales ticket or sales slip