Sales Returns and Allowances Are Deducted from Gross Sales on the Income

question 53

True/False

Sales returns and allowances are deducted from gross sales on the income statement.

---

Definitions:

Dipstick

A tool used for measuring the quantity or level of fluid in a reservoir, notably oil in an engine.

Al Crankcase

Aluminium crankcase refers to the housing for the crankshaft in a reciprocating internal combustion engine, made from aluminum.

Sealed-Bid

A bidding process where all bids are submitted secretly, and the highest bid usually wins, often used in auctions or tendering processes.

Lemons

Sour-tasting citrus fruit that is often used in cooking or as a garnish, known for their high vitamin C content.