Goods returned by customers are recorded in: MCQ with Answer and Explanation

Question
Goods returned by customers are recorded in:
A. Purchase returns book
B. Bills receivable book
C. Cash book
D. Sales returns book
Answer: Option D
Solution (By JKSSB Mock Tests)
Sales returns or returns inward book records goods returned by customers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A business has opening capital of Rs 2,00,000. During the year, it earned a profit of Rs 50,000, owner withdrew Rs 30,000, and fresh capital of Rs 40,000 was introduced. What is the closing capital?
A. Rs 2,20,000
B. Rs 2,60,000
C. Rs 2,40,000
D. Rs 2,90,000
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Correct Answer: Option B

Explanation:
Closing Capital = Opening (2,00,000) + Profit (50,000) + Fresh (40,000) - Drawings (30,000) = Rs 2,60,000.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'XBRL' (eXtensible Business Reporting Language) is used for:
A. Tax filing only
B. Standardised electronic communication of financial data
C. Manual accounting
D. Inventory management
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Correct Answer: Option B

Explanation:
XBRL facilitates digital reporting of financial statements in a machine-readable format.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Comptroller and Auditor General' (CAG) is appointed by:
A. President of India
B. Finance Minister
C. Prime Minister
D. Parliament
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Correct Answer: Option A

Explanation:
CAG is appointed by the President under Article 148.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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