In a Periodic Inventory System,which of the Following Accounts May

question 69

Multiple Choice

In a periodic inventory system,which of the following accounts may be closed by debiting Cost of Goods Sold?

• A)Sales,Inventory (beginning),and Gross Profit.
• B)Inventory (beginning)and Purchases.
• C)Purchases and Inventory (ending).
• D)Sales,Inventory (beginning),and Cost of Goods Available for Sale.

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Definitions:

Several Governments

Indicates the existence or involvement of multiple governmental bodies or authorities.

World Bank

A multilateral organization designed to provide financing, advice, and research to developing nations to aid their economic advancement.

Multilateral Organization

An organization composed of multiple countries that work together on a given issue or project.

Subsidized Loans

Loans on which the interest is either paid by another party or is not accrued, reducing the cost for the borrower, usually provided based on financial need.