Sales Discounts, Sales Returns & Allowances and Cost of Goods

question 13

True/False

Sales discounts, Sales returns & allowances and Cost of goods sold are all temporary accounts which are closed to retained earnings at the end of the accounting period.

---

Definitions:

Drive

An internal urge that motivates behavior towards fulfilling a need or achieving a goal.

Motivation Theorist

An individual who studies and develops concepts explaining why people are driven to meet certain needs or pursue particular goals.

Biological Needs

Essential physiological requirements that maintain life, such as the need for oxygen, food, water, and sleep.

Social Needs

Human needs that relate to interaction with others, including belonging, love, and affection, often positioned as essential for psychological well-being.