The General Ledger Accounts Used When Posting the Sales Journal

question 15

Multiple Choice

The general ledger accounts used when posting the sales journal are:

• A)sales returns and allowances,sales revenue,accounts receivable and cost of sales.
• B)sales revenue,cost of sales,inventory,accounts receivable and GST clearing account.
• C)purchases,sales returns and allowances,sales revenue,accounts receivable and GST clearing account.
• D)cash,sales revenue,accounts payable and inventory.

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Definitions:

Externalities

Economic side effects or consequences that affect uninvolved third parties; can be either positive or negative.

Social Costs

The total cost of an action or decision, including both private costs and any externalities borne by society at large.

Positive Externality

Positive Externality occurs when a transaction or activity benefits a third party not directly involved, like the societal benefit of education or vaccinations.

External Benefit

A benefit that an individual or firm confers on others without receiving compensation.