Meaning of Subsidiary Books - SS1 Accounting Past Questions and Answers - page 1
What are subsidiary books?
Books that are used to record general ledger entriesÂ
Books that are kept by subsidiaries of a company
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Books that are used to record specific types of transactions in a businessÂ
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What is the purpose of subsidiary books?
To replace the general ledger
To allow for the efficient and accurate recording of transactionsÂ
To summarize financial statements
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What is a sales journal?Â
A book used to record all sales made on creditÂ
A book used to record all cash paymentsÂ
A book used to record all purchases made on credit
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What is a cash receipts journal?
A book used to record all cash receiptsÂ
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A book used to record all cash paymentsÂ
A book used to record all purchases made on credit
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What is posting?
The process of analyzing financial statements
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The process of summarizing information in the subsidiary books and transferring it to the general ledger
The process of creating subsidiary books
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What is the difference between a subsidiary book and a general ledger?
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How does posting help ensure the accuracy of accounting records?
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