All of the Following Accounts Are Closed at the End

question 148

Multiple Choice

All of the following accounts are closed at the end of the accounting period EXCEPT

• A) Sales Returns and Allowances.
• B) Freight Out.
• C) Cost of Goods Sold.
• D) Merchandise Inventory.

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Definitions:

Organizational Events

Scheduled occurrences organized by a company or institution, ranging from internal meetings to public product launches or social gatherings.

Peers and Superiors

Individuals within an organization, where peers are colleagues at the same level and superiors are those in higher positions of authority or responsibility.

Firm Performance

The measure of a company's efficiency, profitability, and market position compared to set benchmarks or goals.

Human Resources Management

entails the strategic approach to the effective and efficient management of people in an organization to help their businesses gain a competitive advantage.