Which of the following statements are FALSE?
Only I and II
The correct answer is option 1. - Statement I is true: Cash receipts are entered on the credit side of the cash book. - Statement II is false: Credit purchase of land is generally entered in the purchase journal, not as a land entry. - Statement III is true: The ledger is a subsidiary book, which records detailed entries. - Statement IV is true: The petty cash book does indeed have a record of small payments for day-to-day business expenses.
Important Questions from Basic accounting principles
______ is the cost of use of things or services for the purpose of generating revenue.
______ states that accounting report must belong to a common period and use common unit of measurement and format of reporting.
Which of the following accounting concept eliminates personal biasedness and helps in achieving results that are comparable?
Which of the following given statements are CORRECT?
Which of the following statements is TRUE?
