When Closing the Expense Account,which of the Following Accounts Will

question 122

Multiple Choice

When closing the expense account,which of the following accounts will also be closed?

• A)Purchases Returns and Allowances
• B)Merchandise Inventory
• C)Sales Returns and Allowances
• D)Owner's Capital

Understand the basic definitions and principles of economics including scarcity, economic change, and resource categorization.

Understand the concept of scarcity and its implications for economic decision-making.

Recognize the role of resources in economic activities and their categorization.

Identify the purpose and scope of economics in analyzing social problems and resource allocation.

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Definitions:

Sociocultural Factor

An element that involves the combined influences of societal and cultural aspects on an individual's behaviors and attitudes.

PEST Analysis

A strategic business tool used to identify and analyze the Political, Economic, Social, and Technological factors that could impact an organization.

Offshoring Backlash

Negative public or political reaction to the practice of moving business processes or services to another country to reduce costs.

Franchising

Permission to use another company’s trademarks, patents, copyrights, and expertise according to a strict template setting out the way it does business.