________ and ________ Do Not Take Title to Goods, and They

question 149

Multiple Choice

________ and ________ do not take title to goods, and they perform only a few channel functions.

• A) Full-service wholesalers; limited-service wholesalers
• B) Brokers; agents
• C) Industrial distributors; cash-and-carry wholesalers
• D) Cash-and-carry wholesalers; industrial distributors
• E) Rack jobbers; off-price retailers

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Definitions:

Debit

An accounting entry that either increases an asset or expense account, or decreases a liability or equity account.

Credit

An accounting entry that may either decrease assets or expenses or increase liabilities, equity, and income, recorded on the right side of an accounting ledger.

Trial Balance

An accounting report that lists all the balances in a company's ledger accounts, used to check the accuracy of bookkeeping entries.

Account Balance

The amount of money held in a financial repository, such as a bank account, at any given moment, reflecting all completed transactions.