Sales return is also known as____________?

Related Mcqs:

1. 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

2. Net sales equals, sales minus:

   A. Return outwords
   B. Return inwards
   C. cost of goods sold
   D. carriage on sales

   Submitted by: Kamran Ahmad

3. Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.

   A. 2,40,000
   B. 2,10,000
   C. 2,00,000
   D. 1,80,000

4. Transferring entries from journal to ledger account is commonly known as____________?

   A. Recording
   B. Transferring
   C. Posting
   D. Entry making

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

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

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. Discount for quick repayment of debt is normally referred as____________?

   A. Trade discount
   B. Prompt payment discount
   C. Cash discount
   D. Bulk discount

8. Unpresented checks also referred as____________?

   A. Uncollected checks
   B. Uncredited checks
   C. Outstanding checks
   D. Bounced checks

9. Goods Return by the customer are termed as :

   A. Purchase return
   B. Customer return
   C. Sales return
   D. Inventory return

10. Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

    A. Error of principle
    B. Error of commission
    C. Error of omission
    D. Error of duplication