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
Â
Books that are used to record specific types of transactions in a businessÂ
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
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
What is a cash receipts journal?
A book used to record all cash receiptsÂ
Â
A book used to record all cash paymentsÂ
A book used to record all purchases made on credit
What is posting?
The process of analyzing financial statements
Â
The process of summarizing information in the subsidiary books and transferring it to the general ledger
The process of creating subsidiary books
What is the difference between a subsidiary book and a general ledger?
How does posting help ensure the accuracy of accounting records?
Loading lesson…