Generally Accepted Accounting Principles is a specific set of guidelines to be followed by public sector companies for preparing their financial statements.

Bank Book is also a subsidiary book similar to cash book which records all the receipts and payments made through the bank. It is also known as Bank Journal.

A Bank Reconciliation Statement is a document that reconciles the bank transactions with our financial records. It helps us to find/resolve any discrepancy.

Purchase Book is a subsidiary book which records the transactions of credit purchase of goods for trading purpose. Cash purchases are recorded in the Cash Book.

Trial Balance is a document which records the closing balances of all the ledger accounts at the end of accounting period.