Which of the Following Accounts Would NOT Be Adjusted at the End

question 72

Multiple Choice

Which of the following accounts would NOT be adjusted at the end of an accounting period?

• A) Accounts receivable
• B) Unearned revenue
• C) Equipment
• D) Prepaid insurance

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Definitions:

Production Costs

The total expense incurred in the manufacture of a product, including labor, materials, and overhead.

Gross Profit

The difference between sales revenue and the cost of goods sold, before deducting overhead, payroll, taxation, and interest payments.

Net Profit

The remaining income after all expenses, taxes, and costs have been subtracted from total revenue.

Value Chain

A series of activities by a firm that adds value to its products or services from conception to delivery.