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:

False Pretenses

Obtaining money, property, or services from another through misrepresentation or deceit.

Alimony Obligations

Financial support that one spouse is legally obligated to provide to the other during or after divorce proceedings.

Check Kiting

A fraudulent banking practice involving the use of non-existent funds or delays in the banking system to artificially inflate the balance of a bank account.

Check Defalcation

The misappropriation or embezzlement of funds involving a check, either by altering the check or by unauthorized issuance.