Resources Found in Nature, Such as Land, Water, Forests, Mineral

question 18

Multiple Choice

Resources found in nature, such as land, water, forests, mineral deposits, and air are called:

• A) land resources.
• B) labor resources.
• C) capital resources.
• D) natural resources.

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Definitions:

Sales Returns

Transactions where customers return previously purchased merchandise, leading to a reversal of sales revenue.

Allowances Account

An account used to offset the gross accounts receivable balance for the estimated amount of uncollectible accounts.

Credit Sale

A transaction where the goods or services are provided to the customer with payment to be made at a later date.

Accounts Receivable

This refers to the amount of money customers are yet to pay a company for the products or services which have already been provided.