Which of the Following Accounts Is Not Closed Off at Year-End

question 17

Multiple Choice

Which of the following accounts is not closed off at year-end?

• A) Cost of goods sold
• B) Amortisation expense
• C) Interest revenue
• D) Accounts receivable

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Definitions:

New Tenant

An individual or entity that has recently entered into a lease agreement for a property.

Reasonable Means

Methods or actions that are considered sensible and practical under the circumstances for achieving a certain goal.

Breaches its Lease

Occurs when one party fails to fulfill their contractual obligations under the terms of a lease agreement.

Premises

A building or land specified in a legal document or agreement, often related to business or residency.