Tag: elements of book keeping and accountancy
Questions Related to elements of book keeping and accountancy
Sales day book is the summary of both cash and credit sales of the concern.
State with reasons whether the following statement is true or false:
The Purchase Day Book is a part of the ledger.
State with reasons whether the following statement is true or false:
Purchase Book records all purchases of goods.
State with reasons whether the following statement is true or false:
The Sales Day Book is a part of ledger.
State with reasons whether the following statement is true or false:
Purchase Books records all the credit purchase of goods.
State with reasons whether the following statement is true or false:
The sales-Book is kept to record both cash and credit sales.
Under sales or return on approval basis, when the transactions are few and the customer accepts the goods on approval or return basis, the accounting treatment will be __________________.
The main books of accounts in a business is ____________.
Which of the following books serves both as journal and ledger?
Every financial transaction is recorded first in the journal.