Which of the Following Would Not Be Closed to Income

question 3

Multiple Choice

Which of the following would not be closed to Income Summary?

• A) Unearned Revenue
• B) Sales Returns and Allowances
• C) Cost of Goods Sold
• D) Sales Discounts

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Definitions:

Economic Situation

Macroeconomic factor that affects the way consumers buy merchandise and spend money, both in a marketer’s home country and abroad; see also inflation, foreign currency fluctuations, and interest rates.

Target Markets

Specific groups of consumers at which a company aims its products and services, identified by various demographic, geographic, and psychographic factors.

Factors

Elements or circumstances that contribute to a result or are considered in a decision-making process.

Generational Cohorts

Groups of people classified by their birth years, who experienced similar societal events, leading to shared characteristics and behaviors.