Which of the Following Accounts Would Be Closed with a Debit

question 135

Multiple Choice

Which of the following accounts would be closed with a debit?

• A) Sales Discounts.
• B) Sales Returns and Allowances.
• C) Cost of Goods Sold.
• D) Operating Expenses.
• E) Sales.

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Definitions:

Oreos

A popular brand of sandwich cookies consisting of two chocolate wafers with a sweet creme filling in between.

Apples

Edible fruits with a rounded shape and sweet taste, grown on trees in temperate climates worldwide.

Diminishing Marginal Utility

The economic principle stating that as a person consumes more of a good, the satisfaction (utility) gained from consuming each additional unit decreases.

Indifference Curves

Graphs representing combinations of different goods that provide an individual with the same level of satisfaction, showing consumer preferences.