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Questions and Answers
Which of the following is NOT a component of Net Sales?
What does the term 'Closing Inventory' represent?
Which of the following is NOT a step in the closing entries process?
What is the purpose of the 'Carriage Inwards' account?
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Which of the following accounts is NOT closed at the end of the accounting period?
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What is the purpose of the 'Purchases Returns' account?
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Which of the following accounts is used to record the Net Profit or Net Loss for the accounting period?
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What is the purpose of the 'Drawings' account?
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Which of the following accounts is used to record the cost of goods sold during the accounting period?
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What is the purpose of the 'Other Income' account?
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