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:

Problem

A situation, question, or condition that presents a challenge or difficulty requiring a solution or answer.

Decision

The process or act of making a choice or judgement among several alternatives.

Purchase Aspect

The considerations and factors that influence a buyer's decision to acquire goods or services.

Trial Close

A sales technique where the seller asks a prospective buyer for feedback on a product or service before the final close.