The Price of the Good Multiplied by the Quantity Sold

question 65

Multiple Choice

The price of the good multiplied by the quantity sold is its

• A) total spending.
• B) total quantity.
• C) total cost.
• D) total income.
• E) total revenue.

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Definitions:

Beginning Inventory

refers to the value of inventory on hand at the start of an accounting period.

Purchase Discounts

Reductions in price given by a supplier to a buyer for prompt payment of their invoice.

Unearned Revenue

Money received by a business for goods or services yet to be delivered or performed; it is recorded as a liability on the balance sheet.

Liability Account

A liability account is a ledger account representing an entity's obligations or debts to other parties, which can include loans, accounts payable, and accruals.