Which One of the Following Accounts Would Not Be Closed

question 86

Multiple Choice

Which one of the following accounts would not be closed at the end of the accounting year?

• A) Rent expense.
• B) Dividends payable.
• C) Sales revenue.
• D) Salaries expense.

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Definitions:

Depreciation Temporary Differences

Differences that arise between tax depreciation and accounting depreciation, impacting the timing of income tax payments.

Tax Rate

The percentage at which an individual or corporation is taxed, either on income, property, or sales.

Deferred Taxes

Taxes applicable to income that is earned in one period but not payable until a future period due to differences between accounting and tax reporting.

FASB

The Financial Accounting Standards Board, the organization responsible for establishing and improving financial accounting standards in the United States.