THE ORIGINAL RECORD CONTAINING THE DETAILS OF A TRANSACTION WHICH SERVES AS A BASIS FOR POSTING IS
A. general ledger B. source document ✓ C. subsidiary book D. trial balance The answer to the question is: B. source document A source document is the original record that contains the details of a transaction. It serves as the basis for posting entries…
BARIGA, A STOCK BROKER BOUGHT STATIONERY FOR N 12000 BY CASH. TO RECORD THIS TRANSACTION, DEBIT
A. cash and credit stationery B. purchase and credit stationery C. stationery and credit cash ✓ D. stationery and credit purchases The answer to the question is: C. stationery and credit cash When a stock broker like Bariga purchases stationery for N 12000 by…
A DOUBLE ENTRY FOR A TRANSACTION THAT OFFSETS ONE AMOUNT AGAINST ANOTHER ON BOTH SIDES OF THE CASHBOOK IS A
A. original entry B. contract entry C. prime entry D. contra entry ✓ The answer to the question is: D. contra entry A double entry for a transaction that offsets one amount against another on both sides of the cashbook is a contra entry.…
THE TRANSACTION FILE CAN ALSO BE DESCRIBED AS
A. Master File B. Movement file ✓ C. Reference file D. Historical file The answer to the question is: B. Movement file The transaction file can also be described as the “Movement file” because it contains records of the various movements or changes that…
Study Guide
