The Entry to Close Cost of Goods Sold Includes a Debit

question 186

True/False

The entry to close Cost of Goods Sold includes a debit to Income Summary.

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Definitions:

Minority Ethnic

An ethnic group that constitutes a smaller percentage of the total population and is often differentiated by language, culture, or race.

Socially Defined

Characteristics or norms that are determined by societal beliefs, values, and practices.

Ethnic Groups

Groups of people who share common cultural practices, views, and lineage, often distinguishing themselves from other groups.

Biologically

Pertaining to biology, the science that studies living organisms and their interactions with each other and their environments.