Books of Prime Entry (Ch 1) Flashcards
What is a Sales Day Book (SDB)?
A list of the sales invoices that are to be processed for a given period e.g. a week.
What is a Sales Returns Day Book (SRDB)?
A list of the credit notes that are to be processed for a given period, e.g. a week.
What is a Purchases Day Book (PDB)?
A list of the purchases invoices that are to be processed for a given period, e.g. a week.
What is a Purchases Returns Day Book (PRDB)?
A list of the credit notes that have been received from suppliers for a given period, e.g. a week.
What is a Cash Book?
A record of cash receipts and payments that can form part of the double entry bookkeeping system as well as being a book of prime entry.
What is an Analysed Cash Book?
A cash book with additional columns for analysing principal sources and payments for cash into types of income and expense.
What is a Discounts Allowed Day Book?
A book used to record the discounts that have not been deducted at the point of the invoice being recorded in the sales day book but instead were offered on a conditional basis i.e. prompt payment discounts allowed to credit customers.
What is a Discounts Received Day Book?
A book used to record the discounts that have not been deducted at the point of the invoice being recorded in the purchases day book but instead were offered on a conditional basis i.e prompt payment discounts received from credit suppliers.
What is a Petty Cash?
Petty cash is the small amount of cash that most businesses hold in order to make small cash payments.
What is a Petty Cash Book?
A book in which all petty or smalll payments are made through the petty cash fund are recorded systematically.
What does the acronym DEAD CLIC stand for?
Debits, Expenses, Assets, Drawings.
Credits, Liabilities, Income, Capital.
