Which of the Following Account Balances Would Not Be Closed

question 17

Multiple Choice

Which of the following account balances would not be closed at year-end by debiting the account?

• A) Interest revenue.
• B) Gain on sale of building.
• C)Sales revenues.
• D)Unearned revenues.

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Definitions:

Implied Contract Terms

Terms judges read into employment contracts when the written contract does not expressly deal with the matter.

Employment Contracts

Written or implied agreements specifying the terms and conditions of an individual's employment.

Negligence

A failure to behave with the level of care that someone of ordinary prudence would have exercised under the same circumstances.

Established Contracts

Legally binding agreements that have been agreed upon by the parties involved and typically outline the terms of employment, services, or other mutual commitments.