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:

Hourly Wage Rate

The financial compensation given per hour of labor.

Time and a Half

A pay rate that is 1.5 times the employee's regular hourly rate, usually paid for overtime work beyond the standard workweek hours.

Salaries Payable

An account that records the amounts owed to employees for work performed that has not yet been paid.

Social Security Tax

A tax that both employers and employees pay to fund the Social Security program, which provides benefits for retirees, disabled workers, and survivors.