Goods Return by the customer are termed as :

Related Mcqs:

1. Goods return to supplier are known as:__________?

   A. Merchandise return
   B. Purchase return
   C. Return inwards
   D. Sales return

2. If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then

   A. Net Profit will decrease by 3,140
   B. Gross Profit will increase by 3,320
   C. Gross Profit will decrease by 3,500
   D. Gross Profit will decrease by 3,320

3. Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?

   A. 1,600
   B. 1,500
   C. 1,000
   D. 1,800

   Updated by: Mohammad Ejaz

4. Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?

   A. 5,80,000
   B. 5,50,000
   C. 5,00,000
   D. 5,75,000

5. Goods returned by customer should be debited to which of the following accounts?

   A. Sales income account
   B. Sales account
   C. Return inward account
   D. Expenses account

6. Sales return is also known as____________?

   A. Return received
   B. Return Payed
   C. Return inward
   D. Return outward

7. Average Accounting Return is a measure of accounting profit relative to:

   A. Book value
   B. Intrinsic value
   C. Cost
   D. Market value

8. If the asset turnover and profit margin of a company are 1.85 and 0.35 respectively, the return on investment is.

   A. 0.65
   B. 0.35
   C. 1.50
   D. 5.29

9. The person to whom goods are sold on credit is called___________?

   A. Buyer
   B. Seller
   C. Debtor
   D. Creditor

10. The concession received on the price of defective goods is called:

    A. Discount
    B. Cash discount
    C. Allowance
    D. Trading discount