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:

Delaware

A state in the United States known for its business-friendly laws and courts, which make it a popular jurisdiction for incorporating companies.

Publicly Traded Corporations

Companies whose shares are offered for sale to the general public through a stock exchange.

State

A politically organized body of people usually occupying a definite territory; especially one that is a constituent of a federal republic like the USA.

No-Par Shares

Stocks issued without a par value, meaning the company does not assign a formal value to them, but they still represent ownership in the company.