Cookies Are Always a Threat

question 49

True/False

Cookies are always a threat.

---

Definitions:

Allowances

A deduction from the gross amount on an invoice by the buyer for goods purchased or to cover some type of shortcoming.

Purchase Discounts

Reductions in the price of goods or services allowed by the seller for early payment by the buyer.

Contra Expense Accounts

Accounts that are used to offset or reduce expense accounts on the income statement, resulting in the net amount of expense being reported.

Normal Credit Balances

Accounts on a company's balance sheet that are expected to have credit balances, such as liabilities, equity, and revenue.