Which of the Following Accounts Is Not Closed to Income

question 190

Multiple Choice

Which of the following accounts is not closed to Income Summary?

• A)Cost of Goods Sold
• B)Inventory
• C)Sales Revenue
• D)Sales Discounts

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Definitions:

Notice Of Dishonor

A formal notification that a negotiable instrument, like a check, has been refused payment and is dishonored.

Collecting Bank

A bank that processes checks and other instruments for payment on behalf of the payee.

Secondarily Liable

Being indirectly responsible for a debt or obligation, where primary liability falls to another party.

Endorser

One who issues an endorsement.