In Closing Off the Accounts the Balance in the Cost

question 7

Multiple Choice

In closing off the accounts the balance in the Cost of Sales account will be:

• A)debited to the profit and loss account.
• B)debited to the capital account.
• C)transferred to the balance sheet.
• D)credited to the drawings account.

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Definitions:

Labor Market

The supply and demand for workers, where employees provide the labor and employers provide the wages or salary.

Crime Rates

The frequency of crimes occurring within a specific geographical area or population over a set period of time, often used as an indicator of social stability or unrest.

Behavior

The actions or reactions of an individual or group in response to external or internal stimuli.

Differential Association Theory

A sociological theory proposing that individuals learn deviant behavior from those close to them who provide models of and opportunities for deviance.