Which of the Following Accounts Would NOT Normally Have a Debit

question 142

Multiple Choice

Which of the following accounts would NOT normally have a debit balance?

• A) Inventory
• B) Cost of Goods Sold
• C) Purchase Discounts
• D) Freight-In

Examine research methods and findings in social psychology related to self-perception and attribution.

Understand how cultural factors affect attributional styles.

Evaluate strategies for mitigating negative effects of cognitive biases in academic contexts.

Distinguish between different forms of cognitive biases and their specific manifestations.

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Definitions:

Permanent Accounts

Accounts that are not closed at the end of the accounting period, such as assets, liabilities, and equity accounts.

Expense Account

An account that tracks the costs incurred by a business during its operations.

Accounts Payable

Liabilities owed by a company to its suppliers or creditors for goods and services received that have not yet been paid for.

Accounts Receivable

The money owed to a company by its customers for goods or services that have been delivered but not yet paid for.