Which of the following specialised journals will record "goods returned by the BUSINESS "?
Correct answer: C. Purchases return journal
- A. Purchase journal
- B. Sales journal
- C. Purchases return journal
- D. Sales return journal
Explanation
Goods returned by the business are goods returned to its supplier, so they are entered in the purchases return journal. A sales return journal records goods returned by the business's customers.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? support@testustad.com
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.
Practise Accounting Principles
351 free Accounting Principles MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Exams that ask Accounting questions like this
Accounting is on 3 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.
More Accounting Principles questions
Sales and purchase journal don't record__________?
Cash received from debtor is recorded in which of the following SPECIALIZED journals?
Which of the following is a type of cash receipt journal + cash payment journal?
Another name of journal is_____________?
Transactions that a BUSINESS doesn't record in any specialised journal are recorded in which of the following journals or day books?
Sales on credit is recorded in which of the following journal?