When a customer returns a product for a refund, in what account is the entry recorded?

Identify the importance of accounting by selecting the statement(s) that is (are) correct below.

a) Accounting is a system that provides non-financial information to users. b) Accounting information helps users make business and financial decisions. c) Accounting information is primarily used only at the end of a year when tax returns and financial statements are prepared.

DivetheBlue, a company marketing deep-sea diving equipment, charges very high prices for its products

Despite the availability of many low-priced products in the market, customers seem to prefer DivetheBlue, which has earned a reputation for selling high-quality products. This exemplifies ________. A) a pure monopoly B) an oligopoly C) a nonprice position D) break-even pricing E) target costing