Which Account Will Be Included in Closing Entries of Both

question 170

Multiple Choice

Which account will be included in closing entries of both service and merchandising companies?

• A) Sales
• B) Cost of Merchandise Sold
• C) Customer Refunds Payable
• D) Estimated Inventory Returns

Identify and distinguish between different types of questions in sales, such as direct, nondirective, rephrasing, and redirect questions.

Understand the significance of first impressions in sales and approach techniques.

Describe and apply the creative imagery technique in sales.

Recognize the components of a typical sales call approach.

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Definitions:

Negative Externalities

Unintended adverse effects of an economic activity on unrelated third parties; they represent a failure of the market to fully account for the impacts of transactions.

Social Planner

A hypothetical figure in economic theories who makes decisions designed to allocate resources efficiently and achieve social welfare objectives.

Private Cost

The expenses that a company or an individual incurs as a result of its economic activity, excluding any external costs.

Private Value

The value of a good or service to a particular buyer or group of buyers, which may differ from its market price or the value to other buyers.