Which of the Following Accounts Would Be Closed at the End

question 36

Multiple Choice

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

• A)Capital
• B)Accumulated Depreciation
• C)Prepaid Rent
• D)Depreciation Expense

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Definitions:

Producer Surplus

The gap between the price producers are ready to take for a good or service and the price they actually get.

Supply Curve

A graphical representation showing the relationship between the price of a good or service and the quantity of that good or service that suppliers are willing to offer for sale at that price.

Demand Curve

Represents the relationship between the quantity of a good that consumers are willing and able to purchase and the price of that good.

Equilibrium Price

The rate at which the demand for a good or service matches its supply, creating a state of market equilibrium.