After Closing Off the Accounts, Which of the Following Accounts

question 29

Multiple Choice

After closing off the accounts, which of the following accounts will not appear on the balance sheet?

• A)Cash
• B)Profit and loss
• C)Capital
• D)Equipment

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Definitions:

Finished Goods

Refers to products that have completed the manufacturing process but have not yet been sold or distributed to end customers.

Cost

The value of money that has been used up to produce something or deliver a service, and hence is not available for use anymore.

Finished Goods Inventory

The stock of completed products available for sale at the end of an accounting period.

Manufacturing Company

A business entity that engages in the production of goods using labor, machines, tools, and chemical or biological processing.