Which of the Following Accounts Would Be Closed at the End

question 49

Multiple Choice

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

• A)Merchandise Inventory
• B)Purchases
• C)Prepaid Rent
• D)Accumulated Depreciation

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Definitions:

Schedule of Cost of Goods Manufactured

A detailed statement listing the total costs incurred in the production process to arrive at the cost of goods manufactured.

Work in Process Inventory

Items in a manufacturing process that are in progress but not yet completed.

Manufacturing Overhead

All indirect costs associated with the production process, such as utilities and salaries for management.

Overapplied

This term relates to situations where the allocated or applied costs in cost accounting exceed the actual costs incurred.