Which Accounts Are Affected in the Closing Process Under a Periodic

question 75

Multiple Choice

Which accounts are affected in the closing process under a periodic 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:

Industry Vs. Inferiority

A stage of Erikson's psychosocial development where, between the ages of 5 and 12, children strive to master knowledge and skills, facing the challenge of feeling competent versus inferior.

Initiative Vs. Guilt

A stage in Erik Erikson's psychosocial development theory where children aged around 3 to 5 years face the challenge of undertaking new tasks or feeling guilty for failing.

Parenting Style

The manner in which parents raise and manage their children, characterized by differing levels of responsiveness and demandingness.

Authoritarian

A parenting or leadership style characterized by strict discipline, high expectations, and little warmth or communication.