Tag: subsidiary books - 1

Questions Related to subsidiary books - 1

Which of these statements is not true?

elements of accounts subsidiary books - 1 introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Goods lying with the customers are valued at cost price

  2. Sales and return book is used when the goods are either approved or rejected

  3. Sales or return ledger is a kacha ledger

  4. Sales or return day book is a customer's record

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Correct Option: D

State with reasons whether the following statement is true or false:
Where subsidiary books are maintained journal is not required.

elements of accounts subsidiary books - 1 introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. True

  2. False

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Correct Option: B
Explanation:

Journal is required even when subsidiary books are maintained. This is so because many entries such as opening and closing entry, rectification entry etc are recorded in journal.

Users of subsidiary books of accounts are ________.

elements of accounts subsidiary books - 1 introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. Financial Journalists.

  2. Risk Analysts.

  3. Cost Accountants.

  4. Financial Consultants.

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Correct Option: D

The mistakes in the total of the subsidiary book will _____________.

elements of accounts subsidiary books - 1 introduction, meaning, types and advantages of subsidiary books journal proper or general journal meaning and types of subsidiary books

  1. not affect the personal account of customers

  2. will affect the personal account of customers

  3. both a and b

  4. none of the above

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Correct Option: A