Which of the Following Accounts Is Not Closed at the End

question 74

Multiple Choice

Which of the following accounts is not closed at the end of the reporting period?

• A) Deferred inflows of resources.
• B) Revenues.
• C) Expenditures.
• D) Other financing sources.

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Definitions:

Net Sales

The amount of sales revenue left after deducting sales returns, allowances, and discounts.

Cash Basis

An accounting method where revenues and expenses are recorded only when cash is received or paid, respectively.

Earned Revenues

Income generated from the normal business operations after the delivery of goods or services to customers.

Prepaid Costs

Expenses paid in advance for goods or services to be received in the future, recorded as assets until they are consumed.