FA 1 Section - Cash book
9 important questions on FA 1 Section - Cash book
- What is a cash book?
- In what [2] things is it divided?
Divided into;
- Receipt side
- Payment side
What is cashbook | Receipt side?
What do you have to balance the cash book? [2]
- Opening balance (balance b/d, balance brought down) | Balance from the previous period.
- Closing balance (balance c/d, balance carried down) | Carried to the next period.
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How is a three column cash book build?
- Column for the date of the transaction
- Column for the details of the transaction
- Cash | Physical cash balance;
- Bank | Transaction affecting the business bank account;
- Discount received | Amount of discounts received;
When a customer takes an expected settlement discount when paying an invoice early what do you do?
What is the difference between a three column cash book and an analysed column cash book?
What is Close off/Balance off the account?
Explain balance and balancing the cash book
Difference between incoming and outgoing cash
Balancing the cash book
The activity of making a balance.
What is the cashbook (book of prime entry) used for? [3]
- Post total of payments and receipts into the general ledger accounts;
- Post individual receipts from customers to the customers individual accounts | Receivable ledgers;
- Post individual payments to suppliers to the suppliers individual accounts | Payables ledger
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