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Question 9 of 40 A(n) is a refund of a portion of, but not all of, the sales price of an item. OA. sales allowance OB. uncollectable account O C. sales return O D. sales order

Question 9 of 40 A(n) is a refund of a portion of, but not all of, the sales price of an item. OA. sales allowance OB. uncollectable account O C. sales return O D. sales order

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Quiz Question Explanation for Educational Website** --- **Question 9 of 40** _A(n) ______ is a refund of a portion of, but not all of the sales price of an item._ - **A. sales allowance** - **B. uncollectable account** - **C. sales return** - **D. sales order** **Explanation:** In this question, students are asked to identify what term is defined as "a refund of a portion of, but not all of the sales price of an item." **Options:** - **Sales Allowance:** This is the correct answer. A sales allowance is indeed a partial refund provided to a buyer, often due to a minor defect or issue with the product or service that does not necessitate a full return. - **Uncollectable Account:** This term refers to an account that is deemed unlikely to be collected. It's an accounting term, unrelated to sales refunds or returns. - **Sales Return:** This refers to the process of returning the entire product for a full refund. It involves undoing the sale transaction and is not the same as a partial refund. - **Sales Order:** This is a document issued by a seller to a buyer, indicating the products, quantities, and agreed prices for products or services that the seller will provide to the buyer. It’s unrelated to refunds. Carefully reading the question and understanding the definitions of each term will help students select the correct answer. --- **Diagram/Graph Explanation:** There are no diagrams or graphs included with this question. --- **Submit Button:** Below the multiple-choice options, there is a "SUBMIT" button. This is typically used by students to submit their answer for grading or to proceed to the next part of the quiz. Feel free to revisit this section for revision if needed, and ensure you understand the different terms related to sales transactions.
Transcribed Image Text:**Quiz Question Explanation for Educational Website** --- **Question 9 of 40** _A(n) ______ is a refund of a portion of, but not all of the sales price of an item._ - **A. sales allowance** - **B. uncollectable account** - **C. sales return** - **D. sales order** **Explanation:** In this question, students are asked to identify what term is defined as "a refund of a portion of, but not all of the sales price of an item." **Options:** - **Sales Allowance:** This is the correct answer. A sales allowance is indeed a partial refund provided to a buyer, often due to a minor defect or issue with the product or service that does not necessitate a full return. - **Uncollectable Account:** This term refers to an account that is deemed unlikely to be collected. It's an accounting term, unrelated to sales refunds or returns. - **Sales Return:** This refers to the process of returning the entire product for a full refund. It involves undoing the sale transaction and is not the same as a partial refund. - **Sales Order:** This is a document issued by a seller to a buyer, indicating the products, quantities, and agreed prices for products or services that the seller will provide to the buyer. It’s unrelated to refunds. Carefully reading the question and understanding the definitions of each term will help students select the correct answer. --- **Diagram/Graph Explanation:** There are no diagrams or graphs included with this question. --- **Submit Button:** Below the multiple-choice options, there is a "SUBMIT" button. This is typically used by students to submit their answer for grading or to proceed to the next part of the quiz. Feel free to revisit this section for revision if needed, and ensure you understand the different terms related to sales transactions.
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