Special Types of Sales Under Article 2 Include Which of the Following

question 18

Multiple Choice

Special types of sales under Article 2 include which of the following?

• A)Sale on approval
• B)Sale or return
• C)Consignment
• D)All of the above

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Definitions:

General Journal

A primary accounting record used to record all types of transactions before they are posted to individual accounts in the general ledger.

Specialized Journals

Accounting books or ledgers used to record and track transactions of a specific type, such as sales or purchases, separately from the general ledger for greater efficiency and accuracy.

Accounting System

An Accounting System is a structured process of collecting, recording, summarizing, and reporting financial transactions of a business or organization to provide accurate financial statements.

Collecting

The process of gathering or accumulating items or the act of receiving payments owed to a business.