All of the Following Accounts Will Have Zero Balances on a Post-Closing

question 164

Multiple Choice

All of the following accounts will have zero balances on a post-closing trial balance except:

• A) Dividends.
• B) Accumulated Depreciation.
• C) Salaries and Wages Expense.
• D) Sales Revenue.

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Definitions:

International Financial Reporting Standards

A set of accounting standards developed by the International Accounting Standards Board (IASB) that aims to standardize accounting practices globally.

Accounting Standards for Private Enterprises

Specific accounting principles and guidelines meant for the financial reporting of privately-held companies, differing from those for publicly traded companies.

Equity Method

An accounting technique used to record investments in other companies, where the investment is initially recorded at cost and adjusted thereafter for the investor's share of the investee’s profits or losses.

Journal Entries

Records of financial transactions in the accounting system.