After the Closing Entries Have Been Posted, Which of the Following

question 57

Multiple Choice

After the closing entries have been posted, which of the following accounts would NOT have a balance?

• A) Miscellaneous Expense
• B) Accumulated Depreciation-Equipment
• C) Accounts Payable
• D) Supplies

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Definitions:

Materials Price Variance

The difference between the actual cost of materials and the expected cost at standard prices.

Variable Overhead

Refers to the costs of production that fluctuate with the level of output, such as utilities and materials, that do not have a fixed price associated with production levels.

Direct Labor-hours

The total hours worked by employees directly involved in the production process, used as a basis for allocating costs to products.

Variable Manufacturing Overhead

Costs that vary with production output levels, such as utilities for the production facility, which are not directly tied to specific units of production.