How Do Purchase Returns and Allowances and Purchase Discounts Affect

question 162

Multiple Choice

How do purchase returns and allowances and purchase discounts affect gross purchases?

• A)Both are added to purchases.
• B)Both are subtracted from purchases.
• C)Purchase returns and allowances are added to purchases;purchase discounts are subtracted from purchases.
• D)Purchase returns and allowances are subtracted from purchases;purchase discounts are added to purchases.

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Definitions:

Protestant Reformation

A major movement within Western Christianity in 16th-century Europe that led to the establishment of Protestant churches separate from the Roman Catholic Church.

Inquisition

A group of institutions within the Catholic Church charged with the eradication of heresies, noted for its methods of interrogation and punishment.

Chronological Order

Chronological order is the arrangement of events or actions in the sequence of their occurrence in time.

Colonial Foundations

Colonial foundations refer to the early settlements, institutions, and systems established by colonizing powers that significantly influenced the development and history of the colonized regions.