Which of the Following Accounts Is Not Closed Off at Year-End

question 16

Multiple Choice

Which of the following accounts is not closed off at year-end?

• A) cost of goods sold
• B) amortisation expense
• C) interest revenue
• D) accounts receivable

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Definitions:

Futures Contract

A legal agreement to buy or sell a particular commodity or financial instrument at a predetermined price at a specified time in the future.

Specified Amount

A clearly defined sum or quantity noted in a financial agreement or contract.

Predetermined Price

A specific price set in a contract or agreement, at which a particular transaction (such as buying or selling) will occur in the future.

Expiration Date

The specified date on which an options or futures contract becomes void and ceases to trade.