The Respective Normal Account Balances of Sales, Sales Returns and Allowances

question 20

Multiple Choice

The respective normal account balances of Sales, Sales Returns and Allowances, and Sales Discounts are

• A)credit, credit, credit.
• B)debit, credit, debit.
• C)credit, debit, debit.
• D)credit, debit, credit.

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Definitions:

Indifference Curve

A graph representing combinations of two goods that give a consumer equal satisfaction and utility.

Total Utility

Total utility is the total satisfaction or benefit a consumer receives from consuming a given total quantity of a good or service.

Indifference Map

A graph representing a set of indifference curves to illustrate consumer preferences for different combinations of goods, assuming equal satisfaction.

Total Utility

The total satisfaction received from consuming a particular quantity of goods or services.