Question :
A) Journal proper
B) Purchase day book
C) Cash book
D) Any of the above
Answer : C
A ________ serves the purpose of both journal and ledger accounts
A) Journal proper
B) Purchase day book
C) Cash book
D) Any of the above
Answer : C
Description :
A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger. Details or narration about the source or use of funds are required in a cash book but not in a cash account.
Related Questions - 1
Full form of ODBC
A) Open database connectivity
B) Open database calculating
C) Open document basically
D) Order data base connection
Related Questions - 2
What is the advantage of a computer-based transaction processing system
A) Does not require as stringent a set of internal controls
B) Will produce a more accurate set of financial statements
C) Eliminates the need to reconcile control accounts and subsidiary ledgers
D) Will be more efficient at producing financial statements
Related Questions - 3
A ______ is sent to a customer when he returns the goods
A) Debit note
B) Credit note
C) Proforma invoice
D) Bill
Related Questions - 4
Where do we record interest received, commission received or rent received in Tally
A) Contra
B) Payment
C) Receipt
D) Journal
Related Questions - 5
The Profit & Loss statement can be displayed in ________ format(s).
A) Horizontal
B) Vertical
C) A or B
D) None of the above