Question

Following are the differences between the Account Current and Current Account except for _________.

• A. Account Current is prepared by a creditor to his debtor. Current Account is prepared for the partners of a firm.
• B. Account Current records all the transactions between the supplier and customer. Current Account records all the transactions between the firm and partners.
• C. Account Current is a statement Current Account is an account.
• D. Account Current is not the part of the books of accounts. Current Account is part of the books of account.

Answer 1

The correct option is D Account Current is not the part of the books of accounts. Current Account is part of the books of account.

All the statements are correct except for D.

Account current is prepared by a creditor to his debtor. Current account is prepared for the partners of a firm. Account current records all the transactions between the supplier and customer. Current account records all the transactions between the firm and partners.

Account current is a statement, current account is an account. Both account current and current account is a part of the books of account.