Correct the following sentences and rewrite them the same:
Cash Book records cash transactions as well as credit transactions.
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Book Keeping records monetary and nonmonetary transactions.
This statement is False. Correct Statement: Book Keeping records only monetary transactions. Reasons: According to the money measurement concept, in the books of accounts accountant records only those business transactions which...
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i. In case of a credit transaction one of the account must be a ________account. (a) Cash (b) Credit
i. (c) Personal ii. (b) Closing iii. (a) J.F. iv. (d) Debit v. (c) Balancing
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i. Cash column of Cash Book can never have ______balance. (a) credit (b) debit (c) zero
i. (a) credit ii. (d) contra iii. (b) Outward Invoice iv. (c) Journal Proper v. (a) Subsidiary
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i. Additional cash introduced in business is recorded in _______ (a) Purchase Book (b) Cash Book (c) Journal Proper (d) Returns Inwards Book
i. (b) Cash Book ii. (d) Journal Proper iii. (c) receipts iv. (a) drawer v. (c) Fixed
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Cash and credit purchases are entered in Purchase Book.
This statement is False. Only credit purchases are entered in Purchase Book.
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Cash Book records transactions relating to receipts and payments of cash.
This statement is True. Cashbook is prepared for cash transactions only. All incomes are receipts and they are recorded on the debit side of Cashbook. All expenses are payments recorded to...
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i. Trade discount is recorded in Cash Book. ii. Petty Cash Book is a book with having a record of big payments.
i. Disagree ii. Disagree iii. Agree iv. Agree v. Disagree
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i. Credit purchases of goods are recorded in _________ ii. Cash Book does not record the _________ Transactions.
i. Purchase Book ii. Credit iii. Overdraft iv. Petty v. Credit
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i. Overdraft means ________ balance of Cash Book. (a) closing (b) debit (c) opening (d) credit
i. (d) credit ii. (c) credited iii. (c) bank statement iv. (a) increases v. (b) businessman
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i. Bank balance as per Pass Book means ________ balance of Pass Book. (a) credit (b) opening (c) debit
i. (a) credit ii. (c) current iii. (a) favourable iv. (d) common v. (a) uncommon
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