The 'Return Inward Book' is also known as: MCQ with Answer and Explanation

The 'Return Inward Book' is also known as:
A. Sales Returns Book
B. Journal
C. Cash Book
D. Purchase Returns Book
Answer: Option A
Solution (By JKSSB Mock Tests)
Returns inward means goods returned by customers, i.e., sales returns.

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Practice More Accountancy and Book Keeping Questions

Question #1
The primary purpose of a cash book is to:
A. Calculate profit
B. Record credit transactions
C. Record all cash receipts and payments
D. Prepare the balance sheet

Correct Answer: Option C


Explanation:
A cash book serves as both a book of original entry and a ledger account, specifically for recording all cash receipts and payments.

Question #2
Under the Companies Act 2013, the 'National Company Law Appellate Tribunal' (NCLAT) hears appeals against the orders of:
A. SEBI
B. RBI
C. NCLT
D. CAG

Correct Answer: Option C


Explanation:
The NCLAT is the appellate authority that hears appeals against the orders passed by the National Company Law Tribunal (NCLT) under the Companies Act 2013.

Question #3
Consider these statements about 'Single Entry System': 1. Only personal accounts are maintained completely. 2. Profit is ascertained by comparing opening and closing capital. 3. It is based on dual aspect concept. Which are correct?
A. All of the above
B. 1 and 2 only
C. 2 and 3 only
D. 1 and 3 only

Correct Answer: Option B


Explanation:
Single entry does not follow dual aspect; 3 is incorrect. 1 and 2 are true.