Which of the Lists Below Shows Accounts That Would Be

question 265

Multiple Choice

Which of the lists below shows accounts that would be closed at the end of the fiscal period?

• A) Sales, Accounts Payable, Dividends, and Inventory
• B) Cost of Goods Sold, Supplies, Wages Payable, and Dividends
• C) Retained Earnings, Depreciation Expense, Notes Payable, Store Supplies
• D) Sales, Cost of Goods Sold, Supplies Expense, and Wages Expense

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Definitions:

Classical Model

An economic theory emphasizing that markets function best without government interference, focusing on long-term growth by ensuring goods and labor markets are in equilibrium.

Aggregate Supply

The sum of all products and services that enterprises in an economy expect to sell during a defined time span.

Price Level

The mean of current prices for all goods and services generated within the economy.

Keynesian Theory

An economic theory proposing that active government intervention in the marketplace and monetary policy is the best method of ensuring economic growth and stability.