The Sales Returns and Allowances Account Is Classified as

question 96

Multiple Choice

The Sales Returns and Allowances account is classified as

• A)an asset account.
• B)a contra asset account.
• C)a revenue account.
• D)a contra revenue account.

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Definitions:

Professional Judgment

The ability to make decisions and draw conclusions in one’s professional field based on expertise, experience, and ethics.

Exploiting the Client

Acting unethically by taking unfair advantage of a client for personal, financial, or other gains, contradicting professional ethical standards.

Dual Relationship

Ethical dilemma arising when a professional holds more than one role with a client, potentially compromising objectivity and confidentiality.

Family History

A record of a person's background including health, genetic conditions, and relationships within the family.