A Discount Received for a Purchase of an Inventory Item

question 12

Multiple Choice

A discount received for a purchase of an inventory item is recorded in the______ account.

• A)Income account: Purchases Discounts
• B)Expense account: Sales Discounts
• C)Cost of Goods Sold account: Merchandise Discounts
• D)Asset account: Inventory Asset

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Definitions:

Applicant Tracking Software

A digital system used by employers to collect, sort, scan, and rank job applications for open positions more efficiently.

Bulleted Keywords

A list format used to highlight important terms or concepts in a concise manner.

Specific Job

A particular position of employment within an organization, defined by a unique set of duties and responsibilities.

Supervised

Overseen or directed by an authority to ensure that tasks are carried out correctly or safely.