Studying Is Useless Unless You Know Why You Are Learning

question 12

True/False

Studying is useless unless you know why you are learning the material.

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Definitions:

Cost Of Goods Available For Sale

The total cost of inventory available to be sold during a given period, including both beginning inventory and purchases made.

Purchase Returns

Goods returned by the buyer to the seller, usually because they are defective or not as per the order placed.

Freight In

A cost associated with transporting goods into a business, often included in the cost of goods sold because it directly relates to the cost of bringing inventory to the business.

Contra Account

An account used in the general ledger to reduce the value of a related account without adjusting the original account directly.