Question

Q 1 A. Do you Agree or disagree with the following statements :

4. Petty Cash Book is a book having record of big Payments.

3. Cash discount is not recorded in the books of accounts

5. GST stands for Goods and Sales Tax.

1. Bills Payable is an Assest of the business.

2. Narration is required for every entry.​

Answer 1

Answer:

1. disagree

Explanation:

petty cash book is something prepared by small business concern which has only small payment

Answer

3.disagree

Explanation

cash discount is recorded .Trade discount is only not recorded

Answer

5.Agree

Answer

,1.disagree

Explanation

bills payable is liability in the books of accounts

Answer

2.Agree

Explanation

We know accounts so when we see a transaction and we can able to understand the what has happened but the person who does not know accounts he can't so that narration helps the person who does not know accounts to know what has taken place in the transaction

Hope it helps you