The 'Accounting Cycle' begins with: MCQ with Answer and Explanation

Explanation:
Returns inward means goods returned by customers, i.e., sales returns.

Explanation:
Social accounting encompasses reporting on social, environmental, and ethical impacts, often termed social responsibility accounting, environmental accounting, or green accounting.

Explanation:
Carriage inwards is a direct expense because it is directly attributable to the purchase of goods and bringing them to the place of business.