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True or false if the sales are on frequent basis, the transactions are recorded in the sales book?
Most Upvoted Answer
True or false if the sales are on frequent basis, the transactions are...
True or False: If the sales are on a frequent basis, the transactions are recorded in the sales book?
True.
Explanation:
Sales book is a primary book of account where all sales transactions are recorded in chronological order. If the sales are on a frequent basis, transactions should be recorded in the sales book.
The sales book is used to record the following transactions:
It is essential to record all sales transactions in the sales book to keep an accurate record of the company's revenue. The sales book helps in the preparation of financial statements like the income statement and balance sheet.
If the sales transactions are not recorded in the sales book, it can lead to errors in the company's financial statements. Failure to keep accurate records of sales transactions can also cause problems with tax authorities.
In conclusion, if a company has frequent sales transactions, it is crucial to record them in the sales book to ensure accurate financial statements and compliance with tax regulations.
True.
Explanation:
Sales book is a primary book of account where all sales transactions are recorded in chronological order. If the sales are on a frequent basis, transactions should be recorded in the sales book.
The sales book is used to record the following transactions:
- Cash sales
- Credit sales
- Sales returns
It is essential to record all sales transactions in the sales book to keep an accurate record of the company's revenue. The sales book helps in the preparation of financial statements like the income statement and balance sheet.
If the sales transactions are not recorded in the sales book, it can lead to errors in the company's financial statements. Failure to keep accurate records of sales transactions can also cause problems with tax authorities.
In conclusion, if a company has frequent sales transactions, it is crucial to record them in the sales book to ensure accurate financial statements and compliance with tax regulations.
Community Answer
True or false if the sales are on frequent basis, the transactions are...
True
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True or false if the sales are on frequent basis, the transactions are recorded in the sales book?
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True or false if the sales are on frequent basis, the transactions are recorded in the sales book? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about True or false if the sales are on frequent basis, the transactions are recorded in the sales book? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for True or false if the sales are on frequent basis, the transactions are recorded in the sales book?.
True or false if the sales are on frequent basis, the transactions are recorded in the sales book? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about True or false if the sales are on frequent basis, the transactions are recorded in the sales book? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for True or false if the sales are on frequent basis, the transactions are recorded in the sales book?.
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