Which Account Listed Below Would Be Double Ruled in the Ledger

question 247

Multiple Choice

Which account listed below would be double ruled in the ledger as part of the closing process?

• A) Cash
• B) Retained Earnings
• C) Dividends
• D) Accumulated Depreciation

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Definitions:

Direct Materials

Materials that are directly consumed in the production of a product and are easily traceable to it.

Cost of Goods Sold

The immediate expenses related to the creation of products sold by a business, which include costs for materials and labor.

Merchandising Firm

A business that purchases goods and resells them at a profit without changing their basic form.

Manufacturing Firm

A business engaged in the industrial production of goods from raw materials through the use of labor and machinery.