Which of the Following Accounts Would Be Closed at the End

question 121

Multiple Choice

Which of the following accounts would be closed at the end of the accounting period with a debit?

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

---

Definitions:

Arbitration

A method of dispute resolution involving an impartial third party who hears both sides and makes a binding decision.

Litigation

The procedure of resolving conflicts or taking legal steps through the judiciary system.

Business Relationship

pertains to the connections and interactions between businesses or between a business and its clients, such as partnerships, contractual agreements, and networks.

Binding Arbitration Clause

A contract provision that requires the parties to resolve disputes through arbitration rather than through the court system.