Books of prime entry

Rooms in this module

How this works

Each room answers one problem. A task is a few lines of reading, then questions you answer in the books: post to an account, type a figure, sort, match or write a journal. Every answer is marked at once, with the rule behind it. There are no videos.

Words in this module

Books of prime entry

Books of prime entry are where a transaction is first written down, before it reaches the ledger.

Cash book

The cash book records every receipt into the bank and every payment out of it. It is also the Bank account in the ledger.

Day book

A day book is a book of prime entry that lists credit sales or credit purchases, one line for each invoice.

General ledger

The general ledger holds the accounts for assets, liabilities, capital, income and expenses. The double entry is made here.

Imprest system

The imprest system keeps petty cash at a fixed amount. The top-up at the end of each period equals what was spent.

Petty cash

Petty cash is a small amount of notes and coins kept for small costs, such as stamps or milk.

Questions