Which of the Following Accounts Is NOT Used to Account

question 49

Multiple Choice

Which of the following accounts is NOT used to account for merchandise sales transactions?

• A) Sales
• B) Sales Tax Payable
• C) Sales Returns and Allowances
• D) Accounts Payable

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Definitions:

Foreign Exchange Gain

A profit resulting from the appreciation of one currency against another in the foreign exchange market.

U.S. Dollars

The currency of the United States, commonly used as a standard unit of currency in international markets.

Exchange Rates

The value of one currency for the purpose of conversion to another, affecting international transactions and financial statements.

Accounts Payable

Money owed by a company to its creditors for goods or services that have been delivered or used, but not yet paid for.