Question

TEST YOUR LEARNING SGST (Dr.) SSS Objective Type Questions :- 20 od (1) (iv) (v) (vi) 1. State whether following statements are true or false Ajournal is known as a book of final entry. The term credit, as it is used in recording journal entries, means to increase the balance of an account. A journal entry in which more than two accounts are involved is known as a combined journal entry. Cash sales are entered in sales journal. Ledger is a subsidiary book. Transaction recorded both on debit and credit side of cash book is known as contra entry. (vii) Prepaid Insurance will increase when debited. (viii) The left side of an account is always the debit side and always the increase side. Journal is a book of secondary entry. One debit account and more than one credit account in a entry is called compound entry. Assets sold on credit are entered in sales journal. Cash and credit purchases are entered in purchase Journal. (xiii) Cash book records transactions relating to receipts and payments. (xiv) Petty cash book is a book having record of big payments. (xv) Cash received is entered on the debit side of cash book. XV (xvi) Balancing of account means total of debit and credit side. (xvii) Credit purchase of machine is entered in purchase journal. (ix) (x) 22 (xi) (xii)​

Answer 1

Answer:

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