Journal proper is meant for recording_____________?
Correct answer: C. All such transactions for which no special journal has been kept by the business
- A. Credit purchase of fixed assets
- B. Return of goods
- C. All such transactions for which no special journal has been kept by the business
- D. None of these
Explanation
Journal proper records transactions for which no specialised book, such as the purchases, sales, or returns journal, has been maintained. Credit purchases of fixed assets are a common example.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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