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

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The 'Return Inward Book' is also known as:

A. Cash Book

B. Journal

C. Purchase Returns Book

D. Sales Returns Book

Answer: Option D

Solution (By JKSSB Mock Tests)

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

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Which of the following is an example of a capital receipt?

A. Commission received

B. Rent received

C. Loan received from bank

D. Sale of old newspapers

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Correct Answer: Option C

Explanation:
Loan is a capital receipt as it creates a liability. Others are revenue receipts.

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Question #2

Which module of PFMS allows tracking of fund utilization by implementing agencies at lower tiers?

A. GSTN Module

B. DBT Module

C. EAT (Expenditure, Advance and Transfer) Module

D. E-Kuber Module

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Correct Answer: Option C

Explanation:
The EAT module maps the entire hierarchy of implementing agencies, ensuring funds transferred are tracked until final expenditure.

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Question #3

S1: In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows bank transactions using only the Aadhaar number. S2: AePS requires the beneficiary to have a micro-ATM or PoS device for authentication. Which statement(s) is/are correct?

A. Both S1 and S2

B. S2 only

C. S1 only

D. Neither S1 nor S2

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Correct Answer: Option A

Explanation:
AePS allows online interoperable financial inclusion transactions at micro-ATMs/PoS using Aadhaar authentication. Both statements accurately describe the AePS mechanism under PFMS/DBT.

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