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Introduction to Subsidiary Books Video Lecture - Commerce
FAQs on Introduction to Subsidiary Books Video Lecture - Commerce
| 1. What are subsidiary books in accounting? |  |
Ans. Subsidiary books are specialized books of accounts that are used to record specific types of transactions in a systematic and organized manner. These books help in summarizing and classifying similar transactions, making it easier for accountants to maintain accurate records.
| 2. What are the different types of subsidiary books? | |
Ans. There are several types of subsidiary books, including cash book, purchases book, sales book, journal proper, bills receivable book, bills payable book, and ledger. Each book is designed to record specific types of transactions, such as cash transactions, purchases, sales, and so on.
| 3. How does a cash book function as a subsidiary book? | |
Ans. A cash book is a type of subsidiary book that records all cash transactions made by a business. It serves as a primary book of entry for cash-related transactions, such as cash receipts and cash payments. The cash book helps in maintaining an accurate record of cash inflows and outflows, enabling businesses to reconcile their cash balances easily.
| 4. Why are subsidiary books necessary in accounting? | |
Ans. Subsidiary books are necessary in accounting because they help in maintaining accurate and systematic records of transactions. By classifying and summarizing similar transactions, these books provide a clear overview of the financial activities of a business. They also simplify the process of preparing financial statements and enable efficient analysis of financial data.
| 5. How are subsidiary books different from the general ledger? | |
Ans. Subsidiary books and the general ledger serve different purposes in accounting. Subsidiary books are used to record specific types of transactions in a detailed manner, while the general ledger serves as a central repository of all accounts and their balances. Subsidiary books provide a more granular view of transactions, while the general ledger provides a summarized view by consolidating all accounts.
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Nov 08, 2024 Last updated |
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