A Merchandiser Uses a Perpetual Inventory System

question 272

Multiple Choice

A merchandiser uses a perpetual inventory system.The third step in the process of closing the accounts of a merchandiser is to ________.

• A) make the revenue accounts equal to zero via the Income Summary account
• B) make the Income Summary account equal to zero via the Owner, Withdrawals account
• C) make the expense accounts equal to zero via the Income Summary account
• D) make the Income Summary account equal to zero via the Owner, Capital account

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Definitions:

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution, influencing the shape and range of possible outcomes.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution or to a sample estimate of a parameter.

Contingency Table

A table often used in statistics to display the frequency distribution of variables, enabling a visual inspection of the relationship between them.

Qualitative Variables

Variables that express descriptive or categorical attributes and cannot naturally be represented by a numerical value.