The Present Decade Represents A______ in Selling

question 20

Multiple Choice

The present decade represents a______ in selling.

• A) Stronghold
• B) Technological change
• C) Revolution
• D) War

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Definitions:

Contra-Revenue Account

An account in the general ledger that reduces the total gross revenues reported by the business, including returns, allowances, and discounts.

Sales Discounts

Reductions in the price of goods or services offered to customers to encourage prompt payment or as part of a sales promotion.

Control Account

An account used in the general ledger to summarize transactions detailed in subsidiary ledgers for efficient reporting and verification purposes.

Subsidiary Ledger

A detailed ledger that contains the transaction details of accounts like accounts receivable or payable, which are summarized in the general ledger.