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The use of three column cash book is determined by

Accounts - Principles of Accounts
JAMB 2023

The use of three column cash book is determined by

  • A. trade discount
  • B. cash transaction
  • C. bank transaction
  • D. cash discount
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Correct Answer: Option D
Explanation

The cash discount is allowed for prompt payment of an account or for payment within a specified period of time. It is divided into discount allowed and discount received.

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WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free