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QUESTIONS [ click here for ANSWER ] |
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1.0 |
Total of Return Inward Register is credited to Return Inwards Account |
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2.0 |
The sale of an old car is recorded in the Sales Register |
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3.0 |
Credit Note is the basis for making entry in the Purchase Returns Book |
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4.0 |
The Sales Register is a part of the ledge |
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5.0 |
Recording the transaction in the subsidiary books is the first step in the accounting cycle. |
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6.0 |
The total of the Purchase Register is posted to the debit of the Purchases Account |
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7.0 |
Sales Book is also called as Daybook |
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8.0 |
Total of the Sales Register is credited to Sales account |
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9.0 |
Journal proper is used for recording only those transactions as cannot be recorded in any of the other subsidiary books |
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10.0 |
Journal proper is used to record purchase of furniture on credit |
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11.0 |
Return Outward Books record goods returned by the customers |
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12.0 |
Debit Note informs the supplier that his account has been credited |
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13.0 |
The sale of a business asset on credit is recorded in a general journal |
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14.0 |
The Cash book record only the cash payments |
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15.0 |
The balance of cash book indicates net income |
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16.0 |
If a cheque sent for collection is dishonored, the debit is given to customer’s account |
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17.0 |
If a cheque is issued by us is dishonored, the credit is given to supplier’s account |
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18.0 |
Discount allowed column appears in debit side of the cash book |
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19.0 |
Discount received column appears in the credit side of the cash book |
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20.0 |
Cash books one of the Subsidiary books |
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21.0 |
The ledger is the book of original entry |
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22.0 |
After posting from journal, each account is balanced off |
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