Definition and Explanation Characteristics of Journal

May 19th, 2015
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Indiana State University
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Journal is the first successful step of the double entry system. A transaction is recorded first of all in the journal. So the journal is called the book of original entry

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Journal:Learning Objectives:1. Define and explain journal. 2. What are characteristics of journal? What are its advantages and how a journal is prepared? Definition and Explanation:The word "journal" has been derived from the French word "jour". Jour means day. So journal means daily. Transactions are recorded daily in journal and hence it has been named so. It is a book of original entry to record chronologically (i.e. in order of date) and in detail the various transactions of a trader. It is also known Day Book because it contains the account of every day's transactions.Characteristics of Journal:Journal has the following features:1. Journal is the first successful step of the double entry system. A transaction is recorded first of all in the journal. So the journal is called the book of original entry. 2. A transaction is recorded on the same day it takes place. So, journal

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