71. Goods returned by customer should be debited to which of the following accounts?
A. Return inward account
B. Sales income account
C. Sales account
D. Expenses account
72. Credit purchase of plant and machinery is recorded in which of the following journals?
A. Purchase return journal
B. Cash journal
C. General journal
D. Purchase journal
73. The standard format of journal does not include which of the following?
A. Description column
B. Date column
C. Assets column
D. Amount column
74. In accounting an Economic event is referred to as:
A. Transaction
B. Exchange of money
C. Cash
D. Bank statement
75. An asset posses which of the following?
A. Expenses for the business
B. All kind of benefits for the business
C. Future economic benefits for the business
D. Merits and Demerits for the business
76. Net loss occurs when?
A. Expenses are less than Income
B. Expenses are greater than Income
C. Expenses=Income
D. Liabilities are greater than income
77. BUSINESS paid rent amounting to $100" which of the following specialized journals records this transaction?
A. Cash receipts journal
B. Sales journal
C. Purchase journal
D. Cash payments journal
78. Which of the following accounts will be debited if the business's owner withdraws cash from business for his personal use?
A. Cash
B. Business
C. Drawings
D. Stock
79. Which of the following is a type of cash receipt journal + cash payment journal?
A. Cash documents
B. Bank statement
C. Cash book
D. Statement of cash flow
80. SALE of old furniture" will be recorded in which of the following specialized journals?
A. Purchase journal
B. General journal
C. Sales journal
D. Cash receipt journal