The Closing Entry to Close Beginning Inventory Using the Periodic $\quad$

question 46

Multiple Choice

The closing entry to close beginning inventory using the periodic method is:

• A) DR Purchases\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)CR Inventory
• B) DR Profit and loss summary \(\quad\)\(\quad\)CR Inventory
• C) DR Inventory\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)\(\quad\)CR Profit and loss summary
• D) DR Cost of goods sold\(\quad\)\(\quad\)\(\quad\)\(\quad\)CR Inventory

Distinguish between the costs that are capitalized and those that are expensed when incurred.

Know the components and subdivisions of plant assets.

Comprehend the impact of additions, improvements, and ordinary repairs on asset valuation and depreciation.

Understand the criteria for including interest in the acquisition cost of plant assets.

---

Definitions:

Sexual Orientation

Refers to an individual's patterns of emotional, romantic, or sexual attraction to people of the same gender, opposite gender, both genders, or no gender.

EEOC

The Equal Employment Opportunity Commission, a federal agency tasked with enforcing laws prohibiting employment discrimination in the United States.

Nondiscrimination Policy

Guidelines and practices implemented to ensure fairness and equality, prohibiting discrimination based on various factors like race, gender, age, or religion.

Ecological Fallacy

The error in reasoning that occurs when incorrect conclusions about individual-level processes are drawn from group-level data.