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Discussion :: Tally

  1. A ________ serves the purpose of both journal and ledger accounts

    2. A.

     Journal proper
    B.

     Purchase day book
    C.

     Cash book
    D.

     Any of the above

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    Workspace

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    Answer : Option C

    Explanation :

    A cash book is a separate ledger in which cash transactions are recorded, whereas a cash account is an account within a general ledger. A cash book serves the purpose of both the journal and ledger, whereas a cash account is structured like a ledger. Details or narration about the source or use of funds are required in a cash book but not in a cash account.

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