All of the Following Are Contra Revenue Accounts Except

question 197

Multiple Choice

All of the following are contra revenue accounts except

• A) sales revenue.
• B) sales allowances.
• C) sales discounts.
• D) sales returns.

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Definitions:

FICA

The Federal Insurance Contributions Act, which is a U.S. law that requires a payroll deduction for Social Security and Medicare.

FUTA

Stands for the Federal Unemployment Tax Act, a United States federal law that imposes a payroll tax on businesses to fund state workforce agencies.

Unemployment Taxes

Taxes paid by employers on the wages of their employees, which fund unemployment compensation programs.

Form W-2

A financial document employed in the USA to record the earnings disbursed to workers and the deductions made for taxes.