3. Double Entry Flashcards
1
Q
What are documents used in financial transactions?
A
Quotation,PO,SO, despatch note,GRN,statement(issued by supplier),CN,debit note(issued by client returning goods,referred to CN,remittance advice(notification of payment),receipt
2
Q
What is the flow of action in acc ?
A
Documents-prime entry-ledger-TB-fin statements
3
Q
What are books of prime entry ?
A
Sale/purchase day book - on credit
Cash book - cash/bank
Sale/purchase return day book - return of goods on credit
Petty cash book-small cash transactions
Journal- ye adj-dept.,debt write off, accruals,prepayments, buy sell of assets, correcting errors
4
Q
What are principles regarding to petty cash book control ?
A
Box kept in safe
Tr. supported by invoices
Reliable person is responsible
Vouchers signed
