Which of the Following Accounts Would Be Closed at the End

question 121

Multiple Choice

Which of the following accounts would be closed at the end of the accounting period with a debit?

• A)Sales Discounts.
• B)Sales Returns and Allowances.
• C)Cost of Goods Sold.
• D)Operating Expenses.
• E)Sales.

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Definitions:

President And Vice President

Key roles within an organization or a country, where the president is the top official and the vice president serves as the second-in-command.

Past Due Accounts

Accounts that have not been paid by the deadline agreed upon in the contract or invoice.

New Customer

An individual or entity that purchases goods or services from a business for the first time.

Conditional Probability (P(B | A))

The probability of an event B occurring given that event A has already occurred.