Questions and Answers
What type of accounts are maintained in the General Ledger Book?
Assets accounts, expenses account, losses account, and total purchases and sales accounts
What is the purpose of a Debit Note?
To report faulty goods, shortages, or overcharges to the supplier
What is the main purpose of a Trade Discount?
To encourage bulk buying and increase profit for the buyer
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?
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What is the purpose of the Sales Returns Journal?
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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)?
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What is the purpose of the Cash Book?
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