A Retail Store Credited the Sales Account for the Sales

question 169

Multiple Choice

A retail store credited the Sales account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales account amounted to $315,000, what is the amount of the sales taxes owed to the taxing agency?

• A) $300,000
• B) $315,000
• C) $15,750
• D) $15,000

Understand the application of differential analysis in various management decision contexts.

Familiarize with the theory of constraints and its significance in manufacturing strategy.

Understand various approaches to product pricing, including cost-plus pricing.

Understand the principles of activity-based costing and its advantages over traditional costing systems.

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Definitions:

Effective Listening

The skill of attentively hearing and understanding what someone else is communicating, critically assessing, and responding thoughtfully.

Communication Skill

Communication skill encompasses the ability to effectively convey and receive information, ideas, and emotions through verbal, non-verbal, written, and digital means.

Training

The act of providing individuals with the knowledge and skills needed to perform specific tasks or jobs effectively.

Department Meeting

A structured gathering of members within a particular department of an organization, aimed at discussing relevant issues, progress, and plans.