The periodic total of purchase day book is posted to____________?
Correct answer: B. Purchase A/c
- A. Purchase register
- B. Purchase A/c
- C. Cash purchase A/c
- D. Credit purchase A/c
Explanation
The Purchase Day Book records credit purchases, and its periodic total is posted as one debit to Purchase Account. Individual supplier accounts are credited separately, so the total is not posted to a separate credit-purchase account.
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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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