The Documents Mainly Related to Sales and Returns Include

question 115

Multiple Choice

The documents mainly related to sales and returns include:

• A) cash receipt.
• B) credit note.
• C) customer order.
• D) all of the above

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Definitions:

Deferred Revenue

Income received by a company for goods or services yet to be delivered or performed, recognized as a liability on the balance sheet.

Utilities Expense

Utilities expense refers to the cost incurred by a business for the consumption of utility services such as electricity, water, and gas.

Accounts Payable

Liabilities or amounts owed by a company to creditors for goods and services that have been purchased on credit but not yet paid for.

Journal

A chronological record where financial transactions are initially recorded using the double-entry accounting system before being transferred to accounts in the ledger.