Which of the Following Categories of Accounts Are Temporary Accounts

question 29

Multiple Choice

Which of the following categories of accounts are temporary accounts that are closed at the end of the year?

• A)assets,liabilities,and owner's withdrawals
• B)revenues,expenses,and owner's withdrawals
• C)assets,liabilities,and owner's equity
• D)revenues,expenses,and owner's equity

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Definitions:

Asset Allocation

The strategy of distributing investments among different categories like stocks, bonds, and cash to reduce risk and increase the potential of return.

Excess Return

The return on an investment above the return on a risk-free investment or benchmark index.

Bogey Portfolio

A benchmark portfolio used to evaluate the performance of a mutual fund or investment manager, typically reflecting a standard or targeted investment strategy.

Geometric Average

A type of mean that represents the central tendency or typical value of a set of numbers by using the product of their values.