Which of the Following Statements Is True Regarding the Closing

question 90

Multiple Choice

Which of the following statements is true regarding the closing process of a merchandiser?

• A)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be credited during closing.
• B)Sales Discounts,Sales Returns and Allowances,and Cost of Goods sold should all be debited during closing.
• C)Sales Discounts and Sales Returns and Allowances should be debited; Cost of Goods Sold should be credited during closing.
• D)Sales Discounts and Sales Returns and Allowances should be credited; Cost of Goods Sold should be debited during closing.
• E)Sales Discounts and Sales Returns and Allowances are not closed.Cost of Goods Sold should be credited during closing.

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Definitions:

SAT

A standardized test commonly used for college admissions in the United States, assessing mathematical, writing, and reading skills.

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The inclination to seek out, comprehend, prefer, and remember data in a manner that affirms an individual's already established convictions or assumptions.

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A community or group of people who have access to a healthy and adequate diet.