Secondary Data Should Be Gathered First Because This Type of Information

question 16

True/False

Secondary data should be gathered first because this type of information is less expensive to obtain.

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Definitions:

Contra-Sales Account

An account used to record sales returns, allowances, and discounts which offsets the gross sales on the income statement.

Financial Statement

Documents providing an overview of a company's financial condition, including balance sheets, income statements, and cash flow statements.

Account Category

A classification within accounting systems used to organize and report on financial transactions based on their nature.

Gross Sales

The total sales revenue of a company before any deductions for returns, allowances, or discounts.