Choose the Word or Phrase in [ ] Which Will

question 46

Short Answer

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-If you are claimed as a dependent on your parents' tax return,you [may also | may not] claim yourself on your tax return.

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Definitions:

Customer Refunds Payable

A liability account for estimated refunds and allowances that will be paid or granted to customers in the future.

Estimated Returns Inventory

A current asset account for the estimated amount of merchandise that will be returned by customers.

Customer Refunds Payable

Liabilities owed to customers for products or services that were sold but later returned or found unacceptable.

Perpetual Inventory

An inventory tracking system that records the sale or purchase of inventory immediately through the use of computerized systems.