Sales is a(n) ________ account. A.contraminus− B.asset C.revenue D.liability Question Help Transferring title refers to a:...
Sales is a(n) ________ account.
A.contraminus−
B.asset
C.revenue
D.liability
|
Question Help |
Transferring title refers to a:
A.change of seller.
B.change of ownership.
C.change of buyer.
D.legal document.
Sales Revenue recorded at net represents:
A.sales less returns.
B.sales less discounts.
C.sales less tax.
D.sales less cost of goods sold.
The Cost of Goods Sold account appears on the:
A.postminus−closing
trial balance.
B.Income Statement.
C.Balance Sheet.
D.Statement of Retained Earnings
Homework Answers
1. Sales is a(n) Revenue account.
(Because sales is shown in Income Statement. Sales-Cost of Goods sold is Gross Profit. Sales is not an asset or a liability.)
2. Transferring title refers to a change of ownership.
(Because while selling any asset or property, Title is transferred. Thus, when ownership is changed, Title is transferred. Title Deed is the legal document and not transferring title. Change in Buyer or seller doesn't mean change in title.)
3. Sales Revenue recorded at net represents: sales less returns
(Discounts, Tax and Cost of Goods Sold are shown separately as expenses.)
4. The Cost of Goods Sold account appears on the: Income Statement.
(All expenses and income accounts appear in Trial Balance and not Cost of Goods Sold. It is not asset or liability which appears in Balance sheet. It is not Retained Earnings. Retained earnings means Net Profit of current year or past years.)
Add Answer to:
Sales is a(n) ________ account.
A.contraminus−
B.asset
C.revenue
D.liability
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