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

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Definitions:

Plant Species

Distinct types of plants that belong to a particular genus, distinguished by specific genetic, morphological, or physiological characteristics.

Allopatric Speciation

The process of speciation that occurs when biological populations of the same species become isolated from each other to an extent that prevents or interferes with genetic interchange.

Gene Flow

Gene flow is the transfer of genetic variation from one population to another, which can increase genetic diversity in the receiving population.

Divergence

The evolution of different forms or species from a common ancestor, involving the accumulation of genetic differences that can lead to the formation of new species.