The Account in Which the Revenue Earned from the Sale

question 66

Multiple Choice

The account in which the revenue earned from the sale of merchandise is entered is

• A) Capital.
• B) Sales.
• C) Cash.
• D) Inventory.

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Definitions:

Bankruptcy

A legal status of a person or entity that cannot repay the debts it owes to creditors, leading to a legal process aimed at resolving the financial issues under the bankruptcy laws.

Sale of Goods Act

Legislation that governs the sale of goods, ensuring rights, responsibilities, and protections for both buyers and sellers.

Title

The legal right to own, use, or sell property or assets; also refers to the formal document proving such a right.

Implied Condition

A term or stipulation in a contract that is not expressly stated but is assumed to exist due to the nature of the agreement or the parties' intentions.