Correct the following sentences and rewrite them the same.

Questions

5 questions · self-marked practice — reveal the answer and mark yourself.

Question 11 Mark

The process of entering or recording the transactions in the Journal is called posting.

Answer

The process of entering or recording the transaction in a Journal is called Journalising.

Question 21 Mark

Trade discount is allowed for prompt payments.

Answer

A cash discount is allowed for prompt payments.

Question 31 Mark

Trade discount is calculated after cash discount while calculating discount on purchase or sales.

Answer

Trade discount is calculated before cash discount while calculating discount on purchase or sales.

Question 41 Mark

Trade discount is recorded in the books of accounts.

Answer

A cash discount is recorded in the books of accounts.

Question 51 Mark

Transactions can be recorded in any order in the Journal.

Answer

Transactions must be recorded in chronological order in the Journal.

Book Keeping & Accountancy Correct the following sentences and rewrite them the same.