
Subsidiary Books

Quiz
•
Business
•
11th Grade
•
Medium
Shilton Sabaroche
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a Purchase Book?
To monitor inventory levels
To track customer complaints
To record employee salaries
To record all purchases made by a business.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Explain the difference between a Purchase Book and a Sales Book.
The difference between a Purchase Book and a Sales Book is that the Purchase Book records purchases made by a business, while the Sales Book records sales made by a business.
The Sales Book records purchases made by a business.
The Purchase Book records sales made by a business.
The Purchase Book records expenses made by a business.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What type of transactions are recorded in the Purchase Book?
Salary transactions
Purchase transactions
Inventory transactions
Sales transactions
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important to maintain a Sales Book in a business?
Maintaining a Sales Book leads to decreased revenue.
Sales Books are only for large corporations, not small businesses.
It helps in tracking sales transactions, monitoring revenue, analyzing trends, making informed decisions, and maintaining accurate financial records.
It is unnecessary and time-consuming.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How are sales returns recorded in the Sales Book?
Debit Sales Returns, Credit Accounts Receivable or Cash
Debit Sales, Credit Accounts Receivable or Cash
Credit Sales Returns, Debit Accounts Receivable or Cash
Debit Sales Returns, Credit Accounts Payable or Inventory
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the significance of maintaining subsidiary books like Purchase Book and Sales Book?
Maintaining subsidiary books ensures proper organization and analysis of financial data, leading to better decision-making and financial management.
Subsidiary books are only necessary for small businesses
Maintaining subsidiary books leads to increased tax liabilities
Using subsidiary books complicates financial reporting
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Describe the format of a typical Purchase Book entry.
The format of a typical Purchase Book entry is: Date | Invoice Number | Supplier Name | Item Details | Quantity | Rate | Amount | Taxes
Date | Invoice Number | Supplier Name | Item Details | Quantity | Rate | Amount | Shipping Cost
Date | Invoice Number | Supplier Name | Item Details | Quantity | Rate | Amount | Discount
Date | Invoice Number | Customer Name | Item Details | Quantity | Rate | Amount | Taxes
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