The discount column of a three column cashbook is not balanced off but periodically transferred...
FINANCIAL
JAMB 1994
The discount column of a three column cashbook is not balanced off but periodically transferred to the discount account because discounts
- A. are not important in cashbooks
- B. are cash items only
- C. do not form part of double entry
- D. are used for bank reconciliation
Correct Answer: C. do not form part of double entry
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