BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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reording sales information
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Recording all cash transaction
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Recording three column, single, double
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ledger
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Detailed explanation-1: -The single-column cash book shows only receipts and payments of cash. The double-column cash book shows cash receipts and payments as well as details about bank transactions. The triple column cash book shows all of the above plus information about purchase or sales discounts. 3.
Detailed explanation-2: -The three column cash book is simply the traditional two-column cash book with the addition of an extra column at each side. This extra column is used to record cash discounts: discount allowed column at the debit side, discount received column at the credit side. The discount columns are not accounts.
Detailed explanation-3: -In single-entry bookkeeping, the income and expenses for the transactions are recorded in a cash register, whereas the double-entry system starts with a journal, followed by a ledger, a trial balance, and finally financial statements.
Detailed explanation-4: -Single Column allows the fields in a section to be listed one below the other. Double Column allows the fields in a section to be displayed in two columns.