Which Account Is Debited If Materials Costing $100,000 Are Sold

question 18

Multiple Choice

Which account is debited if materials costing $100,000 are sold?

• A) Revenues account
• B) Work-in-Process Control account
• C) Materials Control account
• D) Cost of Goods Sold account

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Definitions:

Quantity Demanded

The amount of a good or service that consumers are willing and able to buy at a given price.

Price

The monetary value assigned to a product or service, indicating how much a buyer must pay to acquire it.

Technological Advance

The development and application of innovative tools, machinery, and methods to improve efficiency, productivity, and outcomes in various fields.

Retail Market

A marketplace where goods and services are sold directly to consumers, typically involving transactions of smaller quantities.