In a Periodic Inventory System, the Closing Process Includes Crediting

question 26

Multiple Choice

In a periodic inventory system, the closing process includes crediting the following accounts to bring their balances to zero:

• A)Cost of Goods Sold and Freight In.
• B)Purchases and Freight In.
• C)Purchase Discounts and Sales Discounts.
• D)Purchase Returns and Allowances and Purchase Discounts.

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Definitions:

Sociality Corollary

A principle suggesting that the establishment and understanding of personal identity are significantly influenced by social relationships and interactions.

Individuality Corollary

A concept suggesting that individuals perceive events and entities in a unique manner based on their personal construct system.

Corollary

A proposition that follows from one already proven, a natural consequence or result.

Poles

In psychology, it can refer to the extremes of a personality dimension or trait, such as introversion/extroversion, where individuals can be positioned along a continuum.