Which of the following is the book of original entry for all payments and receipts whether by cash or cheque?

Assessment: WAEC SSCE - Financial Accounting - 1996 (Objective) Subject: Financial Accounting

Question 1 Report

Which of the following is the book of original entry for all payments and receipts whether by cash or cheque?
Answer Details
The book of original entry for all payments and receipts whether by cash or cheque is the cash book. A cash book is a financial journal that contains all cash receipts and payments, including bank deposits and withdrawals. It serves as the primary ledger for recording all financial transactions in cash or through bank accounts. Transactions are recorded in chronological order, and the cash book is reconciled regularly with bank statements to ensure accuracy. Therefore, option C, cash book, is the correct answer.
Read lesson note on Cashbook (JAMB)
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