Questions(With Answers) On True Or False For Subsidiary Books

January 17th, 2009 Comments off
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QUESTIONS [  click here for ANSWER ]

True

False

1.0

Total of Return Inward Register is credited to Return Inwards Account

2.0

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

3.0

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

4.0

The Sales Register is a part of the ledge

5.0

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

6.0

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

7.0

Sales Book is also called as Daybook

8.0

Total of the Sales Register is credited to Sales account

9.0

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

10.0

Journal proper is used to record purchase of furniture on credit

11.0

Return Outward Books record goods returned by the customers

12.0

Debit Note informs the supplier that his account has been credited

13.0

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

14.0

The Cash book record only the cash payments

15.0

The balance of cash book indicates net income

16.0

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

17.0

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

18.0

Discount allowed column appears in debit side of the cash book

19.0

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

20.0

Cash books one of the Subsidiary books

21.0

The ledger is the book of original entry

22.0

After posting from journal, each account is balanced off

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Financial Accounting

 
 

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