Economics · Accounting and Cashbook
Select the INCORRECT statement regarding a cashbook in accounting.
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1A cashbook verifies the correctness of cash in hand and at the bank.
- 2A cashbook performs the functions of a journal but not of a ledger.✓
- 3A cashbook records all the payments and receipts chronologically.
- 4A petty cash book is generally used to keep the record of small amount expenses.
Correct answer
A cashbook performs the functions of a journal but not of a ledger.
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