After the Accounts Are Closed and the Journal Entries Have

question 5

Multiple Choice

After the accounts are closed and the journal entries have been posted,which of the following accounts would have a balance?

• A) Payroll Taxes Expense
• B) Miscellaneous Expense
• C) Professional Expense
• D) Supplies

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Definitions:

Input Prices

Input prices refer to the costs associated with the purchase of the raw materials, labor, and other inputs required for the production of goods or services.

Marginal Cost Curve

A visual diagram indicating the variation in the expense of manufacturing an additional unit of a product as its production levels rise.

AVC

Stands for Average Variable Cost, which is the total variable cost per unit of output.

Short-Run Supply

The supply of goods that occurs when the sellers are only able to change some, but not all, conditions of production.