Which of the following accounts would be closed at the end of the accounting period with a debit?
A. Operating Expenses.
B. Sales.
C. Sales Returns and Allowances.
D. Sales Discounts.
E. Cost of Goods Sold.
Answer: B
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When accounting for funded postretirement benefit plans other than pensions (OPEB), which one of the following is subtracted in the calculation of postretirement benefit expense?
A. Expected return on plan assets B. Actual return on plan assets C. Service cost D. Interest cost
The SEC requires disclosure of quarterly high and low market prices for
A) two years. B) three years. C) four years. D) The SEC does not require disclosure of quarterly high and low market prices.
A company purchased 200 units for $30 each on January 31. It purchased 220 units for $33 each on February 28. It sold a total of 350 units for $45 each from March 1 through December 31. What is the cost of ending inventory on December 31 if the company uses the first-in, first-out (FIFO) inventory costing method? (Assume that the company uses a perpetual inventory system.)
A) $2,310 B) $300 C) $2,100 D) $1,800
Costs such as labor, materials, equipment, or contractors are examples of ________ project costs.
Fill in the blank(s) with the appropriate word(s).