Cash book with cash and discount column is mostly referred as________?
Correct answer: B. Two column cash book
- A. Simple cash book
- B. Two column cash book
- C. Three column cash book
- D. Petty cash book
Explanation
A cash book containing cash and discount columns has two columns, so it is called a two-column cash book. A three-column cash book also includes a bank column.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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