Accounts That Are Closed as the End of the Year

question 19

Multiple Choice

Accounts that are closed as the end of the year are called:

• A)Permanent accounts.
• B)Temporary accounts.
• C)Balance sheet accounts.
• D)Trial balance accounts.
• E)All.

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Definitions:

Electrical Motor

A device that converts electrical energy into mechanical energy, widely used in various applications including appliances, industrial machinery, and vehicles.

Standard Machine-Hours

A predetermined measure of how long machines are expected to operate to complete a production task.

Overhead

General operating expenses of a business that are not directly attributable to a specific product or service, such as rent and utilities.

Underapplied

Refers to a situation where the allocated manufacturing overhead is less than the actual overhead incurred.