Which of the Following Account Balances Would Be Closed at Year-End

question 125

Multiple Choice

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

• A)Interest expense.
• B)Accumulated depreciation.
• C)Retained earnings.
• D)Unearned revenues.

---

Definitions:

Transfer Price

The price at which goods and services are sold between divisions within the same company or between subsidiaries of the same parent company.

Intra-entity Transfer

Transactions involving the exchange of goods, services, or resources between divisions within the same entity.

Depreciable Asset

An asset that loses value over time due to wear and tear or becoming outdated, which can be deducted against income for tax purposes.

Transfer Price

The price at which goods and services are sold between divisions within the same company or between subsidiaries and the parent company, for internal transactions.