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Questions and Answers
What type of accounts are maintained in the General Ledger Book?
What type of accounts are maintained in the General Ledger Book?
- Entries related to cash transactions
- Assets accounts, expenses account, losses account, and total purchases and sales accounts (correct)
- Customers' accounts
- Suppliers' accounts
What is the purpose of a Debit Note?
What is the purpose of a Debit Note?
- To issue a discount on the catalogue price
- To report faulty goods, shortages, or overcharges to the supplier (correct)
- To remind the customer about due payments
- To make entries in the sales returns book
What is the main purpose of a Trade Discount?
What is the main purpose of a Trade Discount?
- To make entries in the purchases returns Book
- To reduce the amount owed by the customer
- To report faulty goods or overcharges to the supplier
- To encourage bulk buying and increase profit for the buyer (correct)
Which business document is used to remind the customer about their due amount?
Which business document is used to remind the customer about their due amount?
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In which book are entries made with the help of an Invoice?
In which book are entries made with the help of an Invoice?
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What is the purpose of the Sales Returns Journal?
What is the purpose of the Sales Returns Journal?
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Which book is used to record all credit sales of goods?
Which book is used to record all credit sales of goods?
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What type of transactions are recorded in the General Journal (or Journal)?
What type of transactions are recorded in the General Journal (or Journal)?
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What is the purpose of the Cash Book?
What is the purpose of the Cash Book?
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