Which of the Following Accounts Will Have a Zero Balance

question 129

Multiple Choice

Which of the following accounts will have a zero balance after the closing process is completed?

• A)accumulated amortization
• B)unearned service revenue
• C)the owner's capital account
• D)amortization expense

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Definitions:

Insurance Premiums

The amount paid by an individual or business for insurance coverage, typically charged monthly or annually.

Deducted

The process of subtracting an amount from a total, especially from taxable income or expenses.

Insurance Premiums

Payments made regularly to an insurance company in exchange for coverage.

Dependent

An individual who relies on another, typically a family member, for financial support and can often be claimed for tax purposes.