- What are the features of cash book?
- What is petty cash book?
- What is the main book of accounts?
- What are the 5 account classifications?
- Why cash book is called A Book of original entry?
- What is primary entry?
- What are the two major types of books of accounts?
- What is cash book entry?
- What are the 7 books of original entry?
- Why is general journal called original entry?
- What are the 5 types of accounts?
What are the features of cash book?
The main features of the cash book are as under:(i) Records Only Cash and Bank Transactions:(ii) Transactions are Recorded in the Chronological Order:(iii) Cash Column cannot have Credit Balance:(iv) Similar to Journal:(v) Similar to Ledger:(v) Journal and Ledger Both:More items….
What is petty cash book?
The petty cash book is a recordation of petty cash expenditures, sorted by date. In most cases, the petty cash book is an actual ledger book, rather than a computer record. … This format is an excellent way to monitor the current amount of petty cash remaining on hand.
What is the main book of accounts?
It is the most important book of. preparation of the financial statements.
What are the 5 account classifications?
Account Type Overview The five account types are: Assets, Liabilities, Equity, Revenue (or Income) and Expenses.
Why cash book is called A Book of original entry?
Solution : Since all cash transactions are recorded for the first time in the cash book , it is therefore called a book of original entry . When a cash book is maintained , transactions of Cash and Bank are not recorded in journal .
What is primary entry?
A book or record in which certain types of transaction are recorded before becoming part of the double-entry book-keeping system. The most common books of prime entry are the day book, the cash book, and the journal.
What are the two major types of books of accounts?
Next Lesson: Cash Book There are two main books of accounts, Journal and Ledger. Journal used to record the economic transaction chronologically. Ledger used to classifying economic activities according to nature.
What is cash book entry?
A cash book is a financial journal that contains all cash receipts and disbursements, including bank deposits and withdrawals. Entries in the cash book are then posted into the general ledger.
What are the 7 books of original entry?
Books of original entryCash journal.General journal.Purchase journal.Sales journal.
Why is general journal called original entry?
Journal-Book of Original Entry The transactions are recorded as they happen. This means that the financial events of the business are always recorded first in the journal. Therefore journal is called a book of original entry.
What are the 5 types of accounts?
The 5 core types of accounts in accountingAssets.Expenses.Liabilities.Equity.Income or revenue.