Which of the Following Accounts Will Not Be Closed to Income

question 69

Multiple Choice

Which of the following accounts will not be closed to Income Summary at the end of the fiscal year?

• A) Utilities Expense
• B) Fees Earned
• C) Prepaid Insurance
• D) Insurance Expense

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Definitions:

Informal Assessment

An evaluation method that does not follow standardized procedures, often used for observations, interviews, or unstructured tasks.

Bias

In assessments or measurements, it refers to systematic errors that skew results away from the true or intended measurement.

Assessment Process

The systematic collection, review, and use of information about educational programs undertaken for the purpose of improving student learning and development.

Environmental Assessments

Evaluations conducted to assess the impact of activities or projects on the environment, often used to inform planning and decision making in both public and private sectors.