Which of the Following Accounts Would Be Closed with a Debit

question 135

Multiple Choice

Which of the following accounts would be closed with a debit?

• A) Sales Discounts.
• B) Sales Returns and Allowances.
• C) Cost of Goods Sold.
• D) Operating Expenses.
• E) Sales.

---

Definitions:

Adam Smith

An 18th-century Scottish economist and philosopher best known for his theories on free market economies, depicted in "The Wealth of Nations."

Profit

The financial gain that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs, and taxes needed to sustain the activity.

Mechanistic Organization

A highly structured, rigid, and bureaucratic form of organization based on centralized authority and a hierarchical line of command.

Leadership Role

A position of influence and responsibility where an individual guides and directs a group towards achieving a common goal.