All of the Following Accounts Will Be Closed Except For

question 163

Multiple Choice

All of the following accounts will be closed except for:

• A) cash.
• B) service revenue.
• C) dividends.
• D) utilities expense.

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Definitions:

Footnote Disclosures

Explanatory notes added to the financial statements to provide more detailed information about certain figures.

Subsequent Events

Events occurring after the balance sheet date but before the financial statements are issued, which could materially affect the financial statements if not accounted for.

Fire or Flood Loss

Refers to the financial impact on a business or individual's assets due to damage caused by fire or floods, often covered by insurance.

Litigation Settlement

The resolution of a legal dispute before the court issues a final verdict, often involving payment to the aggrieved party.