Test your understanding of the special journal by answering the 9 short questions given below. We recommend that you attempt to answer each question yourself before revealing the answers. If you find any of these questions challenging, check out our article covering the special journal to learn everything you need to know.
1.
What is a purchase book?
2.
What is a sales book?
3.
What is a purchase returns or returns outwards book?
4.
What is a sales returns or returns inwards book?
5.
What is the bills receivable journal?
6.
What is the bills payable book?
7.
What is the general journal?
8.
What is a debit note?
9.
What is a credit note?
Special Journal Q&A FAQs
A Special Journal is a place where you can track your spending and saving habits. This can be helpful to stay mindful of your spending and identify areas where you may be able to save money. You can also use this journal to keep track of any other financial goals that you may have.
There is no one-size-fits-all answer to this question, as the contents of your journal will depend on your specific needs and goals. However, some suggested items to track include your income, expenses, debts, and assets. You may also want to track your net worth over time to see how your finances are changing.
It is generally recommended that you update your journal at least once a month. This will help you stay on top of your finances and make sure that you are on track to meet your goals.
If you are having difficulty using your journal or encounter any other problems, the best thing to do is to seek help from a financial advisor. They can assist you in setting up your journal and help you to achieve your financial goals.
Special Journals handle specific transactions. Using them reduces the time required to record transactions and post them to the ledgers.
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.
To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.
