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A-An example of a permanent account is : a) Withdrawal b) Revenues c) Sales expenses d) Merchandise inventory B- Gross profit margin is calculated for a merchandising company as follows : a) (Net sales-Cost of goods sold)/ Net sales b) (Selling price-Cost of goods sold)/ Cost of goods sold c) Costs of goods sold/set sales d) Profit/Revenue C-Sales discounts are provided for the following reasons : a) To provide volume discount for the goods purchased b) To encourage early payment of invoices c) As promotional discount provided by a sales rep d) All of the above D- The income summary account is used for the following purpose : a) To transfer the permanent accounts in the owner's capital account at the end of the accounting period b) To keep track of the profitability of an organization during the accounting period c) To transfer the credit and debit balances in temporary accounts and to transfer the net balance to the owner's capital account. d) To ensure the accounting software is summarizing financial information correctly during the accounting period