Goods return to supplier are known as:__________?
Correct answer: B. Purchase return
- A. Merchandise return
- B. Purchase return
- C. Return inwards
- D. Sales return
Explanation
Goods returned to a supplier are purchase returns, also called returns outward from the buyer's business. Sales returns or returns inward are goods sent back by customers.
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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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