Multiple Choice
Match the terms with the definitions.
-Accounts that are deducted from the Purchases account when computing cost of goods sold (i.e., Purchases Returns and Allowances, Purchases Discounts) .
A) contra-cost accounts
B) contra-revenue accounts
C) physical inventory
D) unearned revenue
Correct Answer:
Verified
Correct Answer:
Verified
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Q51: Purchases Returns and Allowances is a contra-revenue
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