ACCOUNTING FINAL 2025 QUESTIONS AND CORRECT DETAILED ANSWERS WELL VERIFIED .GRADED A+

ACCOUNTING FINAL 2025 QUESTIONS AND
CORRECT DETAILED ANSWERS WELL VERIFIED
.GRADED A+




The decrease side of the Purchases Returns and Allowances account is a
credit. - ANSWER -F


Purchases Returns and Allowances appears in the cost of merchandise
section of the chart of accounts. - ANSWER -T


Sales taxes collected by a business represent a liability until they are
paid. - ANSWER -T

, The revenue account for a merchandising business is usually called
Sales. - ANSWER -T


In both manual and computerized accounting systems, charge
customers' accounts do not have account numbers. - ANSWER -F


Cash discounts are offered by a business to encourage charge
customers to pay promptly. - ANSWER -T


The increase side of the account Sales Discounts is a credit. - ANSWER -
F


The Sales Returns and Allowances account is important to a business
because it shows the amount of credit granted to dissatisfied
customers. - ANSWER -T


The balance side of any contra account is always on the side opposite
the balance side of the account it decreases. - ANSWER -T


The Cash in Bank account is debited for the amount the employees
actually earn in the pay period. - ANSWER -F