If a Natural Resource Is Extracted and Then Immediately Sold,which

question 63

Multiple Choice

If a natural resource is extracted and then immediately sold,which of the following accounts are debited and credited?

• A)debit Cost of Goods Sold and credit Inventory
• B)debit Natural Resource and credit Accumulated Depletion
• C)debit Depletion Expense and credit Accumulated Depletion
• D)debit Depreciation Expense and credit Accumulated Depreciation

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Definitions:

Welfare Benefits

Government-provided assistance programs aimed at supporting the well-being of individuals and families in need.

Grants

These are non-repayable funds or products disbursed or given by one party, often a government department, corporation, foundation or trust, to a recipient, often (but not always) a nonprofit entity, educational institution, business or an individual.

Unemployment Compensation

Unemployment Compensation is financial assistance given to individuals who have lost their jobs involuntarily, providing them with temporary financial support.

Aversion

A strong dislike or disinclination towards something.