Q23: Which of the following statements is correct?

Goods returned by the buyer is recorded by the seller in the purchases journal.

The cash receipts journal records sales on credit.

The sales discount column is included in the cash receipts side of Cash book

The purchases journal records all purchases of merchandise whether for cash or on credit.

Q24: A method of valuing inventory used for high priced items like cars, jewelries, etc is:

Weighted Average

Specific Identification

FIFO

LIFO