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:

Job-Based Pay

A compensation strategy where employee pay is determined by the specific job roles and responsibilities rather than the individual's performance or skill level.

Capabilities

The qualities, skills, and capacities that enable individuals or organizations to effectively perform or achieve tasks and objectives.

Geographic-Based Pay

A compensation strategy that adjusts an employee's pay based on the cost of living and market wage rates in the geographic location where they work.

Market Pricing

The process of determining the external value of jobs within an organization by comparing the organization's jobs to similar jobs in the external labor market.