Goods worth Rs. 24,000 were returned by X. The accountant, however, credited the sales returns account by Rs. 42,000. In order to rectify this error, what should be done?
A. Debit the sales return account by Rs. 42,000
B. Credit the sales return account by Rs. 24,000
C. Debit the sales return account by Rs. 66,000
D. Debit the sales return account by Rs. 18,000
Answer: Option C
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
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