A cost account is treated the same as:
A) an asset.
B) a contra-asset.
C) a revenue.
D) an expense.
Correct Answer:
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Q12: The normal balance for Purchases Returns and
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Q14: A debit memorandum increases which account on
Q15: When merchandise is bought for resale,which of
Q17: A debit memorandum decreases which account on
Q18: Net purchases are:
A)Purchases + Purchases Returns and
Q19: A characteristic of Purchases Returns and Allowances
Q20: Purchases is a(n):
A)cost.
B)asset.
C)liability.
D)contra-asset.
Q21: Purchases Returns and Allowances:
A)decrease net income.
B)increase net
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