Intermediate Closing Entries

Test your Intermediate-level Closing Entries skills in Core Accounting Processes. This timed assessment evaluates your expertise in Accounting.

Duration: 5 minutes

•40 questions

Time Remaining: 05:00

Progress: 0%

40 questions remaining

Question 1 of 40Assessment

A merchandising company's Cost of Goods Sold account is treated how during the closing process?

A. It is closed with a debit to the Income Summary account.

B. It remains open as it is a permanent account.

C. It is closed with a credit to the Income Summary account.

D. It is netted against the Sales Revenue account before closing.

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