Which of the Following Accounts Is Used Only at the Close

question 53

Multiple Choice

Which of the following accounts is used only at the close of the accounting period to adjust the merchandise inventory account and summarize the temporary owner's equity accounts?

• A) Owner's Capital
• B) Income Summary
• C) Cost of Goods Sold
• D) Sales

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Definitions:

Nonlinear Optimization Model

This is a mathematical model involving an optimization problem where the objective function or any of the constraints are nonlinear.

Integer

A whole number that can be positive, negative, or zero, not including fractions or decimals.

Nonlinear Optimization Model

A mathematical problem solving framework designed to optimize a nonlinear objective function subject to nonlinear constraints.

Mixed Integer Linear Optimization Model

An optimization model that seeks the best solution from a set of linear equations and inequalities, where some of the decision variables are constrained to be integer values.