Match the terms with the definitions.
-Accounts that are deducted from Sales on the income statement (i.e., Sales Returns and Allowances, Sales Discounts).

Question

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Contra-revenue accounts are deducted from Sales on the income statement. Contra-cost accounts are deducted from Cost of Goods Sold. Physical inventory refers to the actual count of inventory items on hand. Unearned revenue is a liability account representing payments received in advance for goods or services that have not yet been provided.

Match the Terms with the Definitions