Financial Accounting Quiz

Which of the following subsidiary books is used to record goods returned by customers?

• Sales Day Book

• Purchases Day Book

• Return Inwards Journal

• Return Outwards Journal

A firm purchased goods worth ₦50,000 on credit from XYZ Ltd. How will this transaction be recorded in the ledger?

• Debit Purchases Account, Credit XYZ Ltd. Account

• Debit XYZ Ltd. Account, Credit Purchases Account

• Debit Sales Account, Credit XYZ Ltd. Account

• Debit XYZ Ltd. Account, Credit Sales Account

The Sales Day Book is used to record which type of transactions?

• All sales transactions

• Only credit sales of goods

• Only cash sales of goods

• Both cash and credit sales

A company sold goods worth ₦120,000 on credit to Bayo Enterprises. Where will this transaction be recorded first?

• Purchases Day Book

• Return Inwards Journal

• Sales Day Book

• Journal Proper

If goods worth ₦15,000 were returned to a supplier, how would this be recorded in the ledger?

• Debit Purchases Account, Credit Supplier's Account

• Debit Supplier's Account, Credit Return Outwards Account

• Debit Return Outwards Account, Credit Supplier's Account

• Debit Supplier's Account, Credit Purchases Account

Which of the following transactions is recorded in the Journal Proper?

• Return of goods by customers

• Purchase of goods on credit

• Correction of an accounting error

• Sale of goods on credit

A company purchased goods worth ₦200,000 from Musa Ltd. on credit. If Musa Ltd. later allowed a return of ₦20,000, what amount will be posted to the Purchases Account?

• ₦220,000

• ₦180,000

• ₦200,000

• ₦20,000

Which of the following books will record transactions such as depreciation adjustments and error corrections?

• Return Inwards Journal

• Journal Proper

• Sales Day Book

• Return Outwards Journal

The return of goods by a customer will be recorded as a debit entry in which of the following?

• Sales Account

• Return Inwards Account

• Purchases Account

• Return Outwards Account

Sholly Ltd. sold goods worth ₦500,000 on credit. What will be the ledger entry?

• Debit Sales Account, Credit Sholly Ltd. Account

• Debit Sholly Ltd. Account, Credit Sales Account

• Debit Cash Account, Credit Sales Account

• Debit Sales Account, Credit Cash Account