Which of the Following Accounts Are Temporary Accounts That Must

question 23

Multiple Choice

Which of the following accounts are temporary accounts that must be closed at the end of the year?

• A) Assets, liabilities and withdrawals
• B) Revenues, expenses and withdrawals
• C) Assets, liabilities and capital
• D) Revenues, expenses and capital

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Definitions:

Standard Rates

Predetermined costs or charges used for billing, budgeting, or for setting up baseline expectations for financial performance.

Standard Direct Materials Quantity

The amount of raw materials budgeted to be used in the production of goods, based on efficiency standards.

Waste And Spoilage

Materials or products that are lost, unusable, or less valuable due to inefficiencies or defects in the production process.

Direct Labor Quantity Standard

The amount of labor hours expected to be required to produce one unit of a product.