Which of the Following Accounts Is Not Normally Part of the Revenue

question 78

Multiple Choice

Which of the following accounts is not normally part of the revenue and collection cycle?

• A)Sales.
• B)Accounts Receivable.
• C)Cash.
• D)Purchases Returns and Allowances.

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Definitions:

Nonconformity

The failure of a product or service to meet specified standards or expectations.

Reasonable Opportunity

A circumstance where an individual or party is given a fair and sufficient chance to undertake an action or fulfill an obligation.

Counteroffer

A reply to a proposal where the initial conditions are declined and alternative conditions are suggested.

Accepted Painting

An artwork that has been officially received or approved, often in the context of submissions to a gallery or competition.