What Is the First Step in the Accounting Cycle for a Merchandising

question 162

Multiple Choice

What is the first step in the accounting cycle for a merchandising company?

• A) The company sells inventory to customers, creating accounts receivable.
• B) The company collects cash.
• C) The company buys inventory.
• D) The company delivers inventory to customers.

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Definitions:

Self-Contradictions

Statements that inherently contradict themselves, making them logically untrue.

Conjunction

A word that connects phrases, clauses, or words together in a sentence; in logic, it represents a compound statement that is true only if both of its component statements are true.

Conjunct

An element of a conjunction in logic, being one of the propositions that are combined by "and" to form a conjunction.

Self-Contradiction

A statement that denies itself, presenting an inconsistency that renders the statement false.