Advantages Need of Journal Homework Answers
A journal is basically a book of records. Any kind of activity, news, events or transnational data can be noted in a journal. In accounting, journal is the record of all business transactions. There can be different types of journals.
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Types of journals
There are different types of journals â€“
- Academic journals
- Magazines or journals noting current affairs
- Trade journals
- Entertainment magazines
- Business accounting journals
These are journals that provide information on different academic researches, discoveries, and inventions. Subject of such journals could be any topic from educational backgrounds like science, literature, history, etc. These journals are generally reviewed by authors and their peers before the publication procedure is executed.
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Magazines or journals for current affairs
These journals mainly give information on recent political events. They provide detailed articles on present events. These articles do not require any reviewing. To know more about journals on current affairs and their importance, students can search for links like advantages need of journal homework answers online.
These are journals that inform us about new trends in the industry, new techniques, and products that have been introduced to any particular business. Thus this journal informs about a specific industry. People working in that particular industry can benefit from this journal as they get to know about different improvements in their industry.
Newspapers are bearer of current events about all subjects like sports, religion, business, politics, entertainment, etc. These carry bunch of information encompassing all spheres of life. This is a form of record which reaches every household and is followed more or less by maximum people.
These journals are basically designed for entertainment; they contain news on various lighter topics without much detail. It mainly has little news about celebrities of different sectors with advertisements on fashion, recreation, etc.
Business accounting journals
These are used by companies to record financial transactions. Each transaction with its necessary details is recorded in this journal and can be used for future reference by these companies. Details about all type of journals and their need can be learned by searching for topics like advantages need of journal homework answers online.
Reasons for maintaining a journal
There are several reasons in which maintaining journals can help us. Few of them have been mentioned below.
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- Maintaining journals can help, is solving issues. Whichever type of journal it is, maintaining records helps us to identify the problems firstly. If the issue is identified then rationalizing the same can help in coming out with ways to solve it.
- Recording everyday events or transactions helps us to remember our activities for each day, this, in turn, can guide us in knowing the status of our work and accordingly plan for our future aims. Thus one can have clear vision about what to do in future.
- Journal writing can also help in improving the writing skills of a person. All informative journals require the minimum amount of writing skills. Thus vocabulary, as well as command over the language, increases with more writing.
- If the journal is a personâ€™s experiences, then the time when the journal is being written can give the writer his own time when he can obtain clarity of mind. In our busy lives, this could be a good time to understand one-self better, getting to know the inner thoughts better.
- Whenever we write something, we tend to remember it more. Thus when we note events or anything for that matter, our brain retains it. So, writing a journal could help us to remember things more.
Advantages of maintaining a journal for business transactions
Journals are not only maintained for informative content. Business journals are also maintained to note down daily transactions that a company undergoes. These business journals can be of great help to organizations.
- In journal entries, there is an aspect of double entry system where two accounts are used, and both these accounts are thoroughly analyzed before recording anything in the journal. This provision prevents occurrence of mistakes to the maximum level.
- While making a journal entry, the accountant has to mention a summarized detail about the transaction; this is very useful for tracking purposes. Even if an analyst who wants to check any transaction detail for the first time, he will not face any problem as the detail is mentioned for each entry.
- The journal entries are done instantly after the transaction is processed, so there is minimum chance of missing out on any transaction. Since the time between the transaction and the record entry is minimum, there is almost no chance of data omission.
- Generally each journal entry is supported by a document of proof. The document could be a receipt or the cheque used in the transaction. Copies of such documents are noted with the entries. So, even if an analyst wants to check how authentic an entry is, that can easily be done.
- Each record in a journal entry is made to date, and the full entry is in chronological form. This makes it really simple to track transaction made at any point in A date-wise check can give the analyst with any data that he wants. The complication of finding a particular data is also minimized.
- Even if the organization uses accounting software, the requirement of manual data entry into journal is still necessary. The software can help in posting the data feeding the required entries into the journal has to be still done by the accountant.
- If any discrepancy arises in the ledger which is made in reference to the journal, the data can be cross-checked with the journal entry, and the required rectification can be easily done. Since the journal entry has all the needed details about each transaction, thus verification of data is very simple.
- Entries regarding all types of transactions that are not recorded in any other book are noted in the journal entry. Details of such types of entries can be obtained from online search of links like advantages need of journal homework answers.
- While making a journal entry, another important aspect is the folio number. Folio number is the reference number of the documents that are used to support a transaction. For example, if there was a transaction that used a cheque for the payment, then the cheque number will be the folio number for that transaction. This folio number serves as a tracking reference for any transaction.
So all in all, usage of journal entries has not lost its importance even in the time of several accounting software because these entries are authentic and follow a date-wise pattern that makes it easy for data to be tracked.
These are few of the many advantages of journals, students wanting to know more about journals can search for online links like advantages need of journal homework answers.