Purchases book is used to record______

(a)

all purchases of goods

(b)

all credit purchases of assets

(c)

all credit purchases of goods

(d)

all purchases of assets

Sales book is used to record_____

(a)

all sales of goods

(b)

all credit sales of assets

(c)

all credit sales of goods

(d)

all sales of assets and goods

Purchase returns book is used to record_____

(a)

returns of goods to the supplier for which cash is not received immediately

(b)

returns of assets to the supplier for which cash is not received immediately

(c)

returns of assets to the supplier for which cash is received immediately

(d)

None of the above

Purchases of fixed assets on credit basis is recorded in_______

(a)

Purchases book

(b)

Sales book

(c)

Purchases returns book

(d)

Journal proper

Which of the following statements is not true?

(a)

Cash discount is recorded in the books of accounts

(b)

Assets purchased on credit are recorded in journal proper

(c)

Trade discount is recorded in the books of accounts

(d)

3 grace days are added while determining the due date of the bill