Question

Question #1: Exploring Double Entry Systems Ledgers

True

False

Question #2: In the COLUMNAR ACCOUNT the balance is updated after each entry.

True

False

Question #3: In Bookkeeping we group all Bank & Cash Accounts in the Cash Book.

True

False

Question #4: In Bookkeeping we group all Supplier Accounts in the Purchase Ledger.

True

False

Question #5: In Bookkeeping we group all Customer Accounts in the Purchase Ledger.

True

False

Answer 1

Answers :

1. True. Ledgers are prepared on the basis of Double Entry System as one transaction is debited and other is credited.

2.True. In Columnar Account, there is a column headed by balance, so balance is to be updated after every entry.

3. True. Cashbook is a financial journal where all the cash and bank receipts and payments are recorded.

4. True. Purchases which based on credit basis generates supplier, so purchase accounts are grouped under purchase Ledger.

5. False. Customer Accounts are related to Sales not purchases, so customer accounts are not grouped in purchase ledger.