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One of the items on the credit column of a trial balance is

Accounts - Principles of Accounts
WAEC 2022

One of the items on the credit column of a trial balance is

  • A. returns outwards
  • B. carriage outwards
  • C. returns inwards
  • D. carriage inwards
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Correct Answer: Option A
Explanation

The rule of a trial balance is :
- debit all expenses and assets
- credit all income and gain and liabilities

Returns outwards is the total value of goods returned to suppliers out of the goods bought and it is also known as purchases returns. Therefore, returns outwards will be credited to the trial balance.


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WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC offline past questions - with all answers and explanations in one app - Download for free
WAEC Past Questions, Objective & Theory, Study 100% offline, Download app now - 24709
WAEC May/June 2024 - Practice for Objective & Theory - From 1988 till date, download app now - 99995
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts