Accounts Which Are Closed at the End of an Accounting

question 74

Multiple Choice

Accounts which are closed at the end of an accounting period include:

• A) revenues, expenses, and dividends
• B) assets, revenues, and dividends
• C) revenues, dividends, and liabilities
• D) assets, revenues, and expenses

Know the impacts and implications of the Freedom of Information Act (FOIA) on accessing government-held information.

Distinguish between different types of administrative agencies and their creation, powers, and rules.

Understand the constitutional and judicial oversight on administrative agencies and their actions.

Understand the concepts of evolutionary biology and phylogenetics, including the principles of common ancestry and lineage.

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Definitions:

Straight-Line Method

A depreciation method that allocates an equal amount of the depreciable cost of an asset to each year of the asset's useful life.

Book Value

The value of an asset according to its balance sheet account balance, taking into account the cost of the asset minus depreciation.

Depreciation

is an accounting method that allocates the cost of a tangible asset over its useful life, reflecting the asset's consumption, wear and tear, or obsolescence.

Double-Declining-Balance Rate

A method of accelerated depreciation that doubles the rate at which an asset's value is reduced, resulting in higher depreciation expenses in the initial years of the asset's life.