Which of the following accounts does NOT belong to the group? O Freight Out Sales Commission Expense O Sales Returns and Allowances O Advertising Expense
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- Which of the following accounts does not belong in the purchases and disbursement cycle? Group of answer choices a.Prepayments b.Accounts payable c.Sales returns and allowances d.Fixed assetsWhy are contra-revenue accounts used rather than directlydeducting from the Sales Revenue account?Which of the following accounts does not belong in the purchases and disbursement cycle? A. Prepayments B. Accounts Payable C. Sales returns and allowances D. Fixed Assets
- Which of the following accounts are characterized as a "contra" account? (Select ALL that apply) O Equipment O Deferred Revenue OAccumulated Depreciation O Accounts Payable O Depreciation Expense O Sales Allowances O Sales return O Allowance for Uncollectible A/R O Bad Debt Expense O Accounts Receivable O Notes Payable O Cost of Goods Sold ASUSWhich of the following are NOT examples of selling expenses a.Insurance Expense b.Sales Salary Expense c.Delivery Expense d.Advertising ExpenseSales Returns and Allowances is classified as a contra-cost account on the income statement.
- Which of the following accounts is not closed to Income Summary? Cost of Goods Sold Merchandise Inventory O Sales Sales DiscountsWhich of the following groupings of accounts includes only accounts that carry a normal credit balance? a.Customer Refunds Payable, Estimated Returns Inventory, and Sales b.Sales Tax Payable, Cost of Goods Sold, and Sales c.Inventory, Delivery Expense, and Sales d.Sales Tax Payable, Customer Refunds Payable, and SaleWhich account is not classified as selling expenses? O A. Sales Discounts B. Transportation out O c. Sales salaries O D. Advertising expense
- Which of the following items in the balance sheet does NOT have a constant relationship with sales in general when we use the percent of sale method to construct pro forma financial statements? Retained earnings Inventory Accounts receivables Accounts payablesWhich of the following is not a component of Net Sales?a. Sales Returns and Allowancesb. Sales Discountsc. Cost of Goods Soldd. Sales RevenueWhich of the following statements is NOT true? a.Sales Discounts is a contra-revenue. b.Sales Returns & Allowances has a DR normal balance. c.Freight costs are included when determining discounts. d.Purchase Discounts is a contra account.