A Merchandiser Uses a Perpetual Inventory System

question 110

Multiple Choice

A merchandiser uses a perpetual inventory system. The third step in the process of closing the accounts of a merchandiser is to:

• A)make the revenue accounts equal to zero via the Income Summary account.
• B)make the Income Summary account equal to zero via the Owner's Name, Withdrawals account.
• C)make the expense accounts equal to zero via the Income Summary account.
• D)make the Income Summary account equal to zero via the Owners' Name, Capital account.

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Definitions:

Intuitions

The ability to understand something instinctively, without the need for conscious reasoning.

Stability

Refers to the characteristics, traits, or states that remain consistent over time and across situations.

Personality Traits

Enduring characteristics or tendencies that influence an individual's behavior across various situations.

School-Age Children

Children in the age group typically attending elementary or primary school, usually between the ages of 5 and 12.