What Is Journal Answer In One Sentence?

by | Last updated on January 24, 2024

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A journal is

a book prepared to classify or sort out transactions in a form convenient for their subsequent entry in the ledger


What is journal short answer?

A journal is

a detailed record of all the transactions done

by a business. Reconciling accounts and transferring information to other accounting records is done using the information recorded in a journal.

What is narration one sentence answer?

Narration is

the act of telling a story

, usually in some kind of chronological order. Making up a scary ghost story and relating it around a camp fire is an act of narration. Narration generally means any kind of explaining or telling of something. It is usually used in reference to storytelling.

What is ledger answer in one sentence?

The ledger is

the principle book of records and contains all the accounts of a business firm arranged in an orderly manner.

What is cash book answer in one sentence?

A cash book is a book in which all cash or check receipts and expenditure are recorded.

The cash book records all receipts, and is reconciled to the bank statements

. The cash book should show the amounts received on a daily basis and should also record all cash payments, and be balanced regularly.

What is journal example?

The definition of journal is a diary you keep of daily events or of your thoughts or a publication dealing with a specific industry or field. An example of a journal is a

diary in which you write about what happens to you and what you are thinking

. … A daily newspaper.

What is a journal format?

It is used in a double-entry


system, where both a debit and a credit are needed to complete each entry. The essential elements of the journal entry format are as follows: A header line may include a journal entry number and entry date.

What are the 3 types of narration?

We must also choose how to convey the topic to the reader. In a moment, we’ll work through three types of narration:

first person, second person, and third person

. Each serves its own purpose. But, before we enjoy some examples of narration, it’s important to distinguish between a narrative and narration.

How do you convert narration?

Direct Indirect Say to tell Said Said Said to told [,] that

What are examples of narration?

  • Direct: she said, “I would not be the victim.”
  • Indirect: she said that she would not be the victim.
  • Direct: David said, “You need to repair the car.”
  • Indirect: David said that I need to repair the car.
  • Direct: Mary said, “I used to love dancing.”
  • Indirect: Mary said she used to love dancing.

What is goodwill answer in one sentence?

Goodwill means

the aggregate of those intangible attributes of a business

which contributes to its superior earning capacity over a normal return on investments.

What is depreciation answer in one sentence?


The monetary value of an asset decreases over time due to use, wear and tear or obsolescence

. This decrease is measured as depreciation. Description: Depreciation, i.e. a decrease in an asset’s value, may be caused by a number of other factors as well such as unfavorable market conditions, etc.

What is bank reconciliation statement is prepared by?

Bank Reconciliation statement is prepared by

Accountant of business

. Bank reconciliation statement is generally prepared by the company accountant or the bookkeeper with the purpose to compare the bank’s records with your own company records. It is done on monthly basis whenever bank statement arrives.

What is petty cash book?

The petty cash book is

a recordation of petty cash expenditures

, sorted by date. In most cases, the petty cash book is an actual ledger book, rather than a computer record. Thus, the book is part of a manual record-keeping system.

What is cash book entry?

Cash book is

a book of original entry in which transactions relating only to cash receipts and payments are recorded in detail

. When cash is received it is entered on the debit or left hand side. It is more a ledger than a journal. … It is journal as cash transactions are chronologically recorded in it.

What are different types of cash book?

  • Single column cash book.
  • Double column cash book.
  • Triple column cash book.
  • Petty cash book.
Emily Lee
Emily Lee
Emily Lee is a freelance writer and artist based in New York City. She’s an accomplished writer with a deep passion for the arts, and brings a unique perspective to the world of entertainment. Emily has written about art, entertainment, and pop culture.