In a three column cash book_______________does not exist?
Correct answer: C. Petty cash column
- A. Cash column
- B. Bank column
- C. Petty cash column
- D. Discount column
Explanation
A three-column cash book contains cash, bank and discount columns. Petty cash is maintained separately in a petty cash book, not as a column in the three-column cash book.
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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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