Which of the Following Accounts Is Used ONLY at the End

question 110

Multiple Choice

Which of the following accounts is used ONLY at the end of the accounting period?

• A)Cost of sales
• B)Net sales revenue
• C)Income summary
• D)Sales revenue

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Definitions:

Dive Shop

A retail establishment that sells scuba diving and snorkeling equipment, and often offers dive training and dive trip arrangements.

Damages

Monetary compensation awarded by a court to indemnify harm or loss suffered.

Diving Equipment

Tools and gear used for underwater diving adventures, including items like masks, fins, and oxygen tanks.

South African Law

The legal system governing the Republic of South Africa, encompassing its statutes, case law, and legal principles.