Which of the Following Accounts Would Be Closed at Year-End

question 52

Multiple Choice

Which of the following accounts would be closed at year-end?

• A) Capital Stock
• B) Prepaid Rent
• C) Dividends
• D) Accounts Payable

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Definitions:

MPC (Marginal Propensity To Consume)

The proportion of an additional income that an individual tends to spend on consumption rather than saving.

GDP

Gross Domestic Product refers to the total monetary value of all goods and services produced within a country's borders in a given time frame, serving as an indicator of its economic performance.

Public Debt

The total amount of money that a government has borrowed and still owes.

Federal Budget Deficit

The financial shortfall when a government's expenditures exceed its revenues in a given fiscal year.