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Purchases Journal: Definition & Example

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is a purchases journal?

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1. What determines how many line items are posted in a purchase transaction?

2. When an order is received on account for products that are intended for resale, what transaction is posted?

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About This Quiz & Worksheet

Looking at how to keep track of credit purchases, this quiz and corresponding worksheet will help you gauge your knowledge of the purchase journal. Topics you'll need to know to pass the quiz include understanding what a purchases journal is, as well as knowing what determines how many line items are posted in a purchase transaction.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Definition of a purchases journal
  • What determines how many line items are posted
  • When an order is received intended for resale
  • When an order is received for manufacturing
  • What happens when receiving an order from one supplier

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding what determines how many line items are posted and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about what happens when receiving an order from one supplier
  • Reading comprehension - ensure that you draw the most important information from the related purchases journal lesson

Additional Learning

To learn more about this topic, review the corresponding lesson called Purchases Journal: Definition & Example. This lesson will help you:

  • Understand what a purchases journal is
  • Describe whether cash purchases are recorded in the journal
  • Identify how the amount of detail provided is determined
  • Explain how credits and debits are recorded in the log
  • Appreciate the role of the journal for the end-of-month records
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