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:

Trust

A fiduciary relationship in which one party, known as a trustor, gives another party, the trustee, the right to hold title to property or assets for the benefit of a third party, the beneficiary.

Oligopolist

A firm or entity that operates in a market structure characterized by a small number of firms dominating the market, leading to limited competition.

Proctor & Gamble

A multinational corporation specializing in consumer goods ranging from personal care to cleaning products.

Family Farm

A farm owned and operated by a family, typically involving residential family members in its operations.