Regarding the Four-Step Closing Process Under the Periodic Inventory System,________

question 29

Multiple Choice

Regarding the four-step closing process under the periodic inventory system,________.

• A)purchase Returns and Allowances and Purchase Discount accounts are closed with a credit via the Income Summary account
• B)Sales Revenue is closed with a credit via the Income Summary account
• C)the beginning Merchandise Inventory,Purchases,and Freight In are closed with a debit via the Income Summary account
• D)the ending merchandise inventory balance must be recorded as a debit via the Income Summary account

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Definitions:

Paycheque

The physical or electronic means by which an employer disburses wages or salaries to employees.

Incidence Rate

A measure used in epidemiology to assess the frequency of new cases of a disease or condition within a specified population over a certain period of time.

Full-time Employees

Workers who are employed for the standard working hours of an organization, typically benefiting from full employment rights, including salary, benefits, and employment security.

Accident Rate

A measurement of the number of accidents occurring in a particular environment or organization over a specific period, often used to gauge safety.