Which Accounts Are Affected in the Closing Process Under a Perpetual

question 59

Multiple Choice

Which accounts are affected in the closing process under a perpetual inventory system?

• A)Gross Margin and Cost of Goods Sold
• B)Cost of Goods Sold, Sales Returns and Allowances, and Sales Discounts
• C)Gross Margin, Sales Returns and Allowances, and Sales Discounts
• D)Operating Expenses, Sales Revenue, and Purchases

---

Definitions:

Major Organic Product

The primary product resulting from an organic reaction, typically formed in the highest yield under the reaction conditions.

Major Organic Product

The superior product that emerges with the greatest efficiency from an organic chemical reaction.

Visible Light

The portion of the electromagnetic spectrum that can be perceived by the human eye.

Dimethoxy-1,3-butadiene

An organic compound characterized by a 1,3-butadiene backbone with two methoxy groups attached, often used as a chemical intermediate.