After the Closing Entries Have Been Journalized and Posted, but Prior

question 45

Multiple Choice

After the closing entries have been journalized and posted, but prior to the next accounting period, which of the following accounts would have a balance?

• A) Fund Balance--Unreserved, Undesignated
• B) Appropriations
• C) Other Financing Uses
• D) Revenues

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Definitions:

Mark-Up

The markup on goods’ cost intended to defray overhead expenditures and yield profit.

Operating Expenses

The costs associated with the day-to-day operations of a business.

Operating Profit

Earnings derived from a corporation's principal operations, before subtracting interest and taxes.

Cash Discount Rate

A reduction on the invoice price offered by sellers to encourage prompt payment from the buyer.