Accounting - Study Mode
[#2761] A document sent to customer when he returns the goods is called
Correct Answer
(C) Credit note
Explanation
Solution: A document sent to customer when he returns the goods is called Credit note. A credit note or credit memo is a commercial document issued by a seller to a buyer.
[#2762] Those transactions for which there is no separate book, are recorded in the
Correct Answer
(D) Journal Proper
Explanation
Solution: Those transactions for which there is no separate book, are recorded in the Journal Proper. Only those transactions, which cannot be conveniently recorded in any of the other books of original entry i.e., subsidiary books or which are not sufficiently numerous to necessitate a special book being devised for them, are recorded in this book.
[#2763] The person from whom the goods are purchased on credit are called
Correct Answer
(B) Creditors
Explanation
Solution: The person from whom the goods are purchased on credit are called Creditors. The person, firm or an organization from whom goods or services are purchased on credit by the business are called creditors of the business.
[#2764] Which of the following sets of expense are the direct expense of business?
Correct Answer
(D) Both 'a' and 'c'
Explanation
Solution: Wages, Carriage Inward, Octroi and Purchases, Wages, Coal Expenses sets of expense are the direct expense of business.
[#2765] Suspense account given in the trial balance will be entered in the
Correct Answer
(B) Balance sheet
Explanation
Solution: Suspense account given in the trial balance will be entered in the Balance sheet. If the Trial Balance does not agree, the difference is put to Suspense A/c. Suspense A/c on credit side of Trial Balance will be entered on the liabilities side of Balance Sheet. Suspense A/c on debit side of Trial Balance will be entered on the assets side of Balance Sheet.