Which of the Following Accounts Will Have an Ending Balance

question 141

Multiple Choice

Which of the following accounts will have an ending balance after the closing process is completed?

• A)Owner's Name, Withdrawals
• B)Rent Expense
• C)Accumulated Depreciation-Furniture
• D)Service Revenue

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Definitions:

Useful Life

The estimated duration of time a fixed asset is expected to be usable for its intended purpose.

Equipment

Equipment consists of the tools, machinery, and other durable assets used in the production of goods or services.

Intangible Benefits

Non-quantifiable advantages provided by goods or services, such as brand reputation or employee satisfaction.

Discount Rate

The rate used within discounted cash flow assessments to ascertain the present-day value of anticipated cash flows.