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

Related Mcqs:

1. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

   A. Drawings
   B. Cash
   C. Business
   D. Stock

2. The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

   A. Sales
   B. Purchases
   C. Inward returns
   D. Closing stock

3. Which of the following will be debited if a business purchases goods on credit?

   A. Cash
   B. Debtor
   C. Creditor
   D. Purchases

4. A chart of accounts generally start with which of the following types of accounts?

   A. Assets accounts
   B. liability accounts
   C. Cash accounts
   D. Revenue accounts

5. The real accounts are accounts of Assets, liabilities and ___________?

   A. Expenses
   B. Revenues
   C. Capital
   D. Drawing

6. A journal entry in which two or more account is debited or credited is referred as____________?

   A. Journal entry
   B. Multi entry
   C. Additional entry
   D. Compound entry

7. Buildings account is debited with an amount towards repairs. This is an example of?

   A. Error of commission
   B. Error of principle
   C. Error of omission
   D. Compensating error

8. Which of the following specialized journals records “goods returned by customers”?

   A. Purchase journal
   B. Sales journal
   C. Purchases return journal
   D. Sales return journal

9. Which of the following specialised journals will record “goods returned by the BUSINESS “?

   A. Purchase journal
   B. Sales journal
   C. Purchases return journal
   D. Sales return journal

10. 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