Net Sales Equal

question 101

Multiple Choice

Net sales equal

• A) gross sales.
• B) gross sales - sales returns and allowances.
• C) gross sales - sales returns and allowances - sales discounts.
• D) sales discounts.

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Definitions:

Permanent

Refers to accounts that represent the financial standing of a company and carry their ending balances over from one accounting period to the next, such as assets, liabilities, and equity accounts.

Federal Treasury

A government's department responsible for managing public revenue, including issuing currency, collecting taxes, and funding public services.

Permanent

Refers to accounts or records in the general ledger that are not closed at the end of the accounting period, such as assets, liabilities, and equity accounts.