Application To Double Entry Book Keeping From Cash Book - SS1 Accounting Past Questions and Answers - page 1
What is the purpose of a cash book in double-entry bookkeeping?
To record all financial transactions of a business
To record all cash transactions of a business
To update the general ledger
What is the purpose of the general ledger in double-entry bookkeeping?
To record all financial transactions of a business
To record all cash transactions of a business
To keep detailed records of specific types of transactions
What is the purpose of a subsidiary ledger in double-entry bookkeeping?
To record all financial transactions of a business
To record all cash transactions of a business
To keep detailed records of specific types of transactions
What is the purpose of posting entries from the cash book to the general ledger?
To ensure that the financial statements are accurate
To update the subsidiary ledgers
To keep track of cash receipts
What is the purpose of posting entries from the cash book to the subsidiary ledgers?
To ensure that the financial statements are accurate
To update the general ledger
To record all cash transactions of a business
What is the purpose of a ledger in double-entry bookkeeping?
What is the difference between the general ledger and a subsidiary ledger in double-entry bookkeeping?