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:

Causation

is the action of causing something, referring to a relationship between two events where one event (the cause) is understood to directly result in the other event (the effect).

Third-variable Problem

A situation in correlation studies where a variable that has not been measured accounts for the relationship between two other variables, potentially misleading the results.

Independent Variables

Factors or conditions in an experiment that are manipulated or changed by the researcher to observe their effects on the dependent variables.

Dependent Variables

Variables in experimental research that are expected to change as a result of the manipulation of the independent variable.