Books Of Orignal Entry

Question 1

Define the book of original entry

Answer 1

Book in which transactions are firstly recorded
Each transaction has a separate kind. Of book for transactions

Question 2

Name the two types of ledger accounts
Define each

Answer 2

Purchase for supplier
Sale for customer
General all other transactions

Question 3

In impersonal accounts distinguish between real and nominal accounts

Answer 3

Real - for possessions of all kinds
Nominal - for revenue, capital and expenses