Which of the Following Accounts Would Be Closed at the End

question 87

Multiple Choice

Which of the following accounts would be closed at the end of a period?

• A)Sales
• B)Retained Earnings
• C)Unearned Revenue
• D)Prepaid Expense

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Definitions:

Average Total Cost

The total cost of production (fixed plus variable costs) divided by the total quantity of output produced. It measures the cost per unit of output.

Ceteris Paribus

a Latin phrase meaning "all other things being equal," used in economic models to isolate the effect of one variable.

Economies of Scale

The financial advantages gained by companies due to their operational scale, where there's a general decline in the cost per unit of output with the growth in scale.

Total Demand

The entire quantity of a particular good or service that all consumers in a market want to purchase at various price levels during a specified time period.