Returns inwards is also called

Assessment: WAEC SSCE - Financial Accounting - 2008 (Objective) Subject: Financial Accounting

Question 1 Report

Returns inwards is also called
Answer Details
Returns inwards is also called "sales returns". This term refers to goods that have been sold to a customer but are returned to the seller due to defects, wrong delivery, or other reasons. The seller needs to record this transaction to adjust the sales revenue and inventory figures. The seller will credit the sales account and debit the returns inwards account. This transaction reduces the sales revenue and inventory balance.
Read lesson note on Nature And Significance Of Accounting (JAMB)
View Answer

Related Questions

1

In a partnership business, the net profit serves as opening figure for
2

Which of the following concepts is exposed to hold when a proprietor makes a drawing of goods or cash from the business?
3

In the preparation of manufacturing accounts, prime cost plus factory overheads equal to cost of
4

A sales Day book is used for recording
5

Tale LTd. has 100,000 ordinary shares of ₦1 each and 60,000 5% preference shares of ₦1 each. Both were fully paid as shown below, \(\begin{array}{c|c} & ₦\\ ...
6

An analytical cash book is used to
7

Which of the following is the basis accounting equation?
8

Which of the following is the effect of an increase in the provision for discount allowed?

Download The App On Google Playstore

Everything you need to excel in your exams

Green Bridge CBT Mobile App
Personalized AI Learning Chat Assistant
200,000+ Exam Questions Across IGCSE, JAMB, WAEC & NECO
Over 3,900 Lesson Notes
Offline Support - Learn Anytime, Anywhere
Green Bridge Timetable
Literature Summaries & Potential Questions
Track Your Performance & Progress
In-depth Explanations for Comprehensive Learning