A Merchandiser Uses a Perpetual Inventory System

question 231

Multiple Choice

A merchandiser uses a perpetual inventory system.The third step in the process of closing the accounts of a merchandiser is to ________.

• A)make the revenue accounts equal to zero via the Income Summary account
• B)make the Income Summary account equal to zero via the Dividends account
• C)make the expense accounts equal to zero via the Income Summary account
• D)make the Income Summary account equal to zero via the Retained Earnings account

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Definitions:

Ménière's Disease

A disorder of the inner ear causing vertigo, hearing loss, and tinnitus.

Tinnitus

A condition characterized by hearing noises in the ears (such as ringing, buzzing, or hissing) when there is no external sound source.

Methicillin-Resistant Staphylococcus Aureus

A type of bacterium that is resistant to several antibiotics, originally methicillin, causing infections in different parts of the body.

Vancomycin

An antibiotic used in the treatment of serious bacterial infections, especially those resistant to other antibiotics.