Sales Returns and Allowances Is A(n)

question 132

Multiple Choice

Sales Returns and Allowances is a(n)

• A)asset account.
• B)contra asset account.
• C)expense account.
• D)contra revenue account.

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Definitions:

Taxes

Compulsory financial charges or some other type of levy imposed upon a taxpayer by a governmental organization.

Crowding In

The potential for government spending to stimulate private investment in an otherwise dead economy.

Private Investment

Expenditure on capital by private sector firms or individuals, not including governmental spending.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by the rise in GDP.