A Wholesaler Is an Intermediary That Buys Products from Manufacturers

question 141

True/False

A wholesaler is an intermediary that buys products from manufacturers or other wholesalers and sells them to consumers.

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Definitions:

Normal Balance

The side (debit or credit) of an account that is typically increased.

Financial Statement

A documented account of financial transactions and standing for businesses, individuals, or alternative entities.

Permanent/Temporary

Terms distinguishing between accounts that are not closed out or reset at the end of the accounting year (permanent accounts) and those that are (temporary accounts).

Normal Balance

The standard side (debit or credit) on which increases to an account are recorded.