The Type of Account and Normal Balance of Purchase Returns

question 14

Multiple Choice

The type of account and normal balance of Purchase Returns and Allowances is a(n) :

• A)contra revenue account, credit balance.
• B)contra cost of goods sold account, credit balance.
• C)expense account, credit balance.
• D)asset account, debit balance.

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Definitions:

Fairness And Equality

The principles of treating people justly, without discrimination, and ensuring equal opportunities and rights for all members of society.

Postconventional

A stage in moral development where individuals' ethical principles guide their behavior, rather than societal norms or authorities.

Abstractly And Critically

Thinking in a way that is not tied to concrete realities and involves careful judgement and evaluation.

Postconventional

Pertains to a level of moral reasoning that is beyond social conventions, where actions are judged based on ethical principles rather than societal norms or expectations.