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.

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Definitions:

Income Distribution

Refers to how a nation’s total earnings are spread among its population.

Productive Resources

Assets, materials, or inputs used for the creation of goods or services, including natural resources, human capital, and capital goods.

Tax And Spending Policies

Refers to the fiscal decisions made by a government regarding how taxes are collected and revenues are spent to influence the economy.

Market Economy

An economic system where the forces of supply and demand determine the allocation of goods and services without much intervention by the government.