Accounts Which Are Closed at the End of an Accounting

question 93

Multiple Choice

Accounts which are closed at the end of an accounting period include:

• A) assets, revenues, and dividends
• B) assets, revenues, and expenses
• C) revenues, expenses, and dividends
• D) revenues, dividends, and liabilities

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Definitions:

Statement of Owner's Equity

A financial document reflecting changes in the equity of a company's owners over a certain period, including capital contributions, withdrawals, and the net income or loss.

Balance Sheet

A summary of a corporation's assets, liabilities, and equity held by shareholders, documented at a particular moment.

Periodic Inventory System

An accounting method where the inventory level is updated in the accounting records at specific intervals, rather than after each sale or purchase.

Perpetual Inventory System

An inventory management method where stock levels are updated in real-time with each sale or purchase.