Question

What is a journal?

Answer 1

A journal is a book of original entry in accounting, where all business transactions are first recorded in chronological order, i.e., day by day. It analyses transactions to identify which accounts are debited and credited. Each entry includes a brief narration explaining the transaction. Journals help maintain a systematic record and support double-entry bookkeeping. They contain non-cash transactions and are essential for accurate ledger posting, error detection, and chronological transaction tracking.