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Cash Book : Types of Cash Book Video Lecture - Commerce
FAQs on Cash Book : Types of Cash Book Video Lecture - Commerce
| 1. What is a cash book? |  |
Ans. A cash book is a financial record that tracks all cash transactions of a business, including both cash receipts and cash payments.
| 2. What are the types of cash books? | |
Ans. There are three main types of cash books:
a) Single Column Cash Book: This type of cash book records only cash transactions, both receipts, and payments, in a single column.
b) Double Column Cash Book: This type of cash book has two separate columns for recording cash transactions, one for cash receipts and the other for cash payments.
c) Triple Column Cash Book: This type of cash book has three columns, one for cash receipts, one for cash payments, and one for discounts.
| 3. What is the purpose of a cash book? | |
Ans. The purpose of a cash book is to keep a systematic record of all cash transactions in a business. It helps in maintaining an accurate and up-to-date record of cash inflows and outflows, which is essential for managing cash flow and monitoring financial performance.
| 4. How does a cash book differ from a bank statement? | |
Ans. A cash book records all cash transactions, whether they are made through cash or bank, while a bank statement only reflects the transactions that occur through the bank account. Additionally, a cash book is maintained by the business itself, while a bank statement is provided by the bank as a record of transactions in the bank account.
| 5. Why is it important to reconcile a cash book with a bank statement? | |
Ans. Reconciling a cash book with a bank statement is crucial to identify any discrepancies or errors between the two records. It ensures that the cash book accurately reflects the actual cash position of the business and helps in detecting any fraudulent activities, bank errors, or mistakes made in recording transactions. Reconciliation also helps in maintaining the accuracy of financial statements and ensuring proper cash management.
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Nov 08, 2024 Last updated |
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