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1. 
What is the difference between return inwards and return outwards?
A.
Return inwards are goods sold to customers.
B.
Return outwards are goods returned by customers.
C.
Return inwards are goods returned by customers, while return outwards are goods returned to suppliers.
D.
Return inwards are goods returned to suppliers.
2. 
How do you differentiate between carriage inward and carriage outward?
A.
Carriage inward is transportation cost for goods returned.
B.
Carriage inward is transportation cost for goods purchased, while carriage outward is transportation cost for goods sold.
C.
Carriage inward is transportation cost for goods sold.
D.
Carriage outward is transportation cost for goods purchased.
3. 
What is net sales?
A.
Net sales are total sales minus purchases.
B.
Net sales are total sales minus return inward.
C.
Net sales are total sales minus cost of goods sold.
D.
Net sales are total sales plus returns.
4. 
How do you calculate net purchases?
A.
Net purchases are total sales minus net sales.
B.
Net purchases are purchases plus carriage inward less returns outwards
C.
Net purchases are net sales minus cost of goods sold.
D.
Net purchases are cost of goods sold minus opening inventory.
5. 
Formula for the cost of goods sold?
A.
Cost of goods sold is purchases minus closing inventory.
B.
Cost of goods sold is net sales minus gross profit.
C.
Cost of goods sold is purchases minus closing inventory.
D.
Cost of goods sold is total sales minus net sales.
6. 
How do you calculate gross profit?
A.
Gross profit is purchases minus closing inventory.
B.
Gross profit is net sales plus cost of goods sold.
C.
Gross profit is total sales minus net sales.
D.
Gross profit is net sales minus cost of goods sold.