Sales Returns and Allowances Is a Contra-Asset Account

question 193

True/False

Sales Returns and Allowances is a contra-asset account.

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Definitions:

Sixth Amendment

An amendment to the U.S. Constitution guaranteeing the rights of criminal defendants, including the right to a speedy and public trial, an impartial jury, and the assistance of counsel.

Nolo Contendere

Latin for “I will not contest it.” A criminal defendant’s plea in which he or she chooses not to challenge, or contest, the charges brought by the government. Although the defendant will still be convicted and sentenced, the plea neither admits nor denies guilt.

Guilty

A legal term describing someone formally convicted of a crime by a court of law.

Arraignment

A court proceeding in which a criminal defendant is formally charged and asked to enter a plea.