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Question
_________ may be defined as the record of transaction concerning cash receipts and cash payment.
_________ may be defined as the record of transaction concerning cash receipts and cash payment.
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Solution
The correct option is A Cash book
Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with cash or bank valances at the beginning of the period. Generally. it is made on monthly basis.
This is a very popular book and is maintained by all organisations, big or small, profit or not-for-profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry.
When a cash book is maintained, transactions of cash are not recorded in the journal, and no separate account for cash and bank is required in the ledger.
Cash book is a book in which all transactions relating to cash receipts and cash payments are recorded. It starts with cash or bank valances at the beginning of the period. Generally. it is made on monthly basis.
This is a very popular book and is maintained by all organisations, big or small, profit or not-for-profit. It serves the purpose of both journal as well as the ledger (cash) account. It is also called the book of original entry.
When a cash book is maintained, transactions of cash are not recorded in the journal, and no separate account for cash and bank is required in the ledger.
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