The Purchase Returns and Allowances Account Is Classified as

question 14

Multiple Choice

The Purchase Returns and Allowances account is classified as

• A) an asset account.
• B) a contra asset account.
• C) an expense account.
• D) a contra expense account.

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Definitions:

Sample Space

The set of all possible outcomes or results in a probability experiment.

Random Experiment

An experiment or process for which the outcome cannot be predicted with certainty ahead of time, involving random variables.

Mutually Exclusive

refers to events that cannot occur at the same time in a probabilistic experiment.

P(A)

The probability of an event A occurring.