A periodic total of the purchases book is posted to the _______

(a)

debit side of the purchases account

(b)

debit side of the sales account

(c)

credit side of the purchases account

(d)

credit side of the sales account

Sales return book is used to record_________

(a)

Returns of goods by the customer for which cash is paid immediately

(b)

Returns of goods by the customer for which cash is not paid immediately

(c)

Returns of assets by the customer for which cash is not paid immediately

(d)

Returns of assets by the customer for which cash is paid immediately

The source document or voucher used for recording entries in sales book is ____

(a)

Debit note

(b)

Credit note

(c)

Invoice

(d)

Cash receipt

Purchases book does not keep record of purchases of _____

(a)

assets

(b)

liabilities

(c)

goods

(d)

none of these

Entries in the purchases day book are made from invoices which are popularly known as _____

(a)

Invoice

(b)

Bills

(c)

Journals

(d)

Ledger

______ is an allowance given on list or catalogue price of the article at the time of selling.

(a)

Cash Discount

(b)

Credit Discount

(c)

Trade Discount

(d)

None of these

Goods returned by the customers may also be known as _____

(a)

purchase returns

(b)

returns inward

(c)

returns outward

(d)

none of these

_____ is a statement prepared by a trader who receives back from his customer the goods sold.

(a)

Debit note

(b)

Credit note

(c)

Both

(d)

None of these

The person who has to make the payment or who accepts to make the payment is called the _______

(a)

drawee

(b)

drawer

(c)

payee

(d)

creditor

The person who endorses is called the _____

(a)

Endorser

(b)

Endorsee

(c)

Drawer

(d)

Drawee