The Asset of Stock

In accounting, the term 'purchases' means . . .

• all items bought.

• only goods bought on credit.

• only those goods bought for resale.

• only goods bought and paid for.

A newsagent's total sales includes the value of . . .

• any office furniture sold by him.

• office furniture sold by him, only if sold on credit.

• office furniture sold by him, only if sold for cash.

• None of the above.

Which of the following double-entries is the correct way to record the sale of goods, on credit, to R. Webb ?

• Account to Debit - R. Webb

  Account to Credit - Sales

• Account to Debit - Returns inwards

  Account to Credit - R. Webb

• Account to Debit - Cash

  Account to Credit - Purchases

• Account to Debit - R. Webb

  Account to Credit - Returns inwards

In the accounts of K. Bryan, which of the following double-entries is the correct way to record goods returned by S. James, a credit customer ?

• Account to Debit - Sales

  Account to Credit - K. Bryan

• Account to Debit - Returns inwards

  Account to Credit - K. Bryan

• Account to Debit - Sales

  Account to Credit - S. James

• Account to Debit - S. James

  Account to Credit - Returns inwards

In the accounts of S. James, which of the following double-entries is the correct way to record goods returned by K. Bryan, a credit customer ?

• Account to Debit - Sales

  Account to Credit - K. Bryan

• Account to Debit - Returns inwards

  Account to Credit - K. Bryan

• Account to Debit - Sales

  Account to Credit - S. James

• Account to Debit - S. James

  Account to Credit - Returns inwards

In the accounts of W. Balfe, which of the following double-entries is the correct way to record goods purchased from D. Connolly and paid for immediately in cash ?

• Account to Debit - Sales

  Account to Credit - W. Balfe

• Account to Debit - Returns inwards

  Account to Credit - A.O'Dea

• Account to Debit - Purchases

  Account to Credit - Cash

• Account to Debit - D. Connolly

  Account to Credit - Returns inwards

Which of the following double-entries is the correct way to record goods returned to A. Miller, a supplier ?

• Account to Debit - Sales

  Account to Credit - A. Miller

• Account to Debit - Returns inwards

  Account to Credit - A. Miller

• Account to Debit - Cash

  Account to Credit - Purchases

• Account to Debit - A. Miller

  Account to Credit - Returns outwards