Goods Return by the customer are termed as :
Correct answer: A. Sales return
- A. Sales return
- B. Customer return
- C. Purchase return
- D. Inventory return
Explanation
When a customer returns goods previously sold by the business, the transaction is called a sales return or returns inward. Purchase return refers to goods returned by the business to its supplier.
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About Accounting Principles
Accounting principles explain the rules used to record, classify and report business transactions. Coverage includes the accounting equation, double-entry system, accrual and cash bases, matching and prudence concepts, consistency, going concern, business entity, and the difference between capital and revenue items.
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