Revenues, Expenses, and Withdrawals Accounts, Which Are Closed at the End

question 111

Multiple Choice

Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:

• A) Balance sheet accounts.
• B) Temporary accounts.
• C) Real accounts.
• D) Permanent accounts.
• E) Closing accounts.

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Definitions:

Adjusting Entries

Journal entries made in accounting records at the end of an accounting period to allocate income and expenditures to the period in which they actually occurred.

Accrued Interest

The interest that has been earned but not yet received or paid in cash, applicable in both investment and borrowing contexts.

Balance Sheet

A report detailing a company's assets, liabilities, and equity of shareholders at a certain moment.

Accounts Payable Turnover Ratio

A liquidity metric that measures how quickly a company pays off its suppliers.