Under a Periodic Inventory System, Which Accounts Would Be Closed

question 151

Multiple Choice

Under a periodic inventory system, which accounts would be closed to income summary with credits?

• A)Sales Returns and Allowances, Sales Revenue, and Inventory
• B)Sales Discounts, Sales Returns and Allowances, and Purchases
• C)Sales Revenue and Cost of Goods Sold
• D)Sales Returns and Allowances and Sales Revenue

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Definitions:

Professional Discount

A reduced price provided to members of certain professions as a courtesy or to encourage their patronage.

Medical Professional

A healthcare practitioner who has received formal training and certification to provide medical care and services.

Health Care Provider

A professional who offers preventive, curative, promotional, or rehabilitative health care services in a systematic way to individuals, families or communities.

Office Policy

A set of guidelines or rules designed to govern procedures and behavior in a professional setting.