Instead of recording in one journal, the transactions are recorded in a number of prescribed books called ____

(a)

Cash book

(b)

Subsidiary books

(c)

Journals

(d)

Ledger

The sub-division of work gives the advantage of specialisation leading to _____

(a)

business transactions

(b)

efficiency

(c)

decision making

(d)

none of these

______ is one of the most important books, in which credit purchases of goods are recorded.

(a)

Purchase book

(b)

Sales book

(c)

Purchases returns book

(d)

None of these

Purchases book does not keep record of purchases of _____

(a)

assets

(b)

liabilities

(c)

goods

(d)

none of these

______ is the statement prepared by the seller of goods.

(a)

Voucher

(b)

Receipt

(c)

Invoice

(d)

Ledger Folio