Answers To Questions on True Or False On Subsidiary Books

January 17th, 2009 Comments off
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Answer to Question on Subsidiary Books

True

False

1.0

Total of Return Inward Register is credited to Return Inwards Account

X

2.0

The sale of an old car is recorded in the Sales Register

X

3.0

Credit Note is the basis for making entry in the Purchase Returns Book

X

4.0

The Sales Register is a part of the ledge

X

5.0

Recording the transaction in the subsidiary books is the first step in the accounting cycle.

X

6.0

The total of the Purchase Register is posted to the debit of the Purchases Account

X

7.0

Sales Book is also called as Daybook

X

8.0

Total of the Sales Register is credited to Sales account

X

9.0

Journal proper is used for recording only those transactions as cannot be recorded in any of the other subsidiary books

X

10.0

Journal proper is used to record purchase of furniture on credit

X

11.0

Return Outward Books record goods returned by the customers

X

12.0

Debit Note informs the supplier that his account has been credited

X

13.0

The sale of a business asset on credit is recorded in a general journal

X

14.0

The Cash book record only the cash payments

X

15.0

The balance of cash book indicates net income

X

16.0

If a cheque sent for collection is dishonored, the debit is given to customer’s account

X

17.0

If a cheque is issued by us is dishonored, the credit is given to supplier’s account

x

18.0

Discount allowed column appears in debit side of the cash book

X

19.0

Discount received column appears in the credit side of the cash book

X

20.0

Cash books one of the Subsidiary books

X

21.0

The ledger is the book of original entry

x

22.0

After posting from journal, each account is balanced off

x

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