Which of the Following Accounts Is Not Closed to Income

question 118

Multiple Choice

Which of the following accounts is not closed to Income Summary?

• A) Cost of Goods Sold
• B) Inventory
• C) Sales Revenue
• D) Sales Discounts

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Definitions:

Simplification

The process of reducing a mathematical expression or equation to its simplest form.

Like Terms

Terms in an algebraic expression that have the same variable factors and thus can be combined or simplified.

Mathematical Expression

A combination of numbers, variables, and operators (such as +, -, *, /) that represent a value or quantity.

Mathematical Expression

A combination of numbers, symbols, and operators designed to represent a specific mathematical computation or value.