Which of the Following Accounts Is Not Closed at the End

question 26

Multiple Choice

Which of the following accounts is not closed at the end of the accounting period?

• A)Purchase Discounts
• B)Capital
• C)Depreciation Expense
• D)Sales

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Definitions:

Certificate of Deposit

A time-bound deposit held at a bank or financial institution that offers a fixed rate of interest.

Consideration

The value, usually in the form of money, goods, or services, exchanged in a contract between parties.

Contractual Capacity

The legal ability of a party to enter into a contract, including being of legal age and possessing a sound mind.

Binding Contract

An agreement between two or more parties that is legally enforceable.