A Purchase Return or Allowance Under a Perpetual Inventory System

question 21

Multiple Choice

A purchase return or allowance under a perpetual inventory system is credited to:

• A)Accounts Payable.
• B)Purchase Returns and Allowances.
• C)Inventory.
• D)Purchases.

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Definitions:

CAM Plant

A plant that utilizes Crassulacean Acid Metabolism, an adaptation allowing them to conserve water by opening stomata and admitting CO2 during the night.

Food Plants

Plants that are grown or harvested for human consumption, providing essential nutrients and calories.

CAM Plants

Plants that use Crassulacean Acid Metabolism, a photosynthetic adaptation to arid conditions, allowing them to fix carbon dioxide at night.

RuBP Carboxylase

An enzyme also known as Rubisco, involved in the first major step of carbon fixation in the process of photosynthesis.