Which of the Following Accounts Will NOT Be Involved in Closing

question 102

Multiple Choice

Which of the following accounts will NOT be involved in closing entries?

• A)Prepaid Insurance.
• B)Service Revenue.
• C)Utilities Expense.
• D)Retained Earnings.

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Definitions:

Valid Will

A legal document expressing an individual's wishes regarding the distribution of their property after death, prepared according to legal formalities.

Estate Execution

The process of managing and distributing a deceased person's property under the guidance of an executor as designated in the will.

Settling Matters

The process of resolving disputes or finalizing agreements outside of court or through negotiation.

Decedent's Estate

The real and personal property owned by an individual at the time of their death, subject to distribution among heirs and beneficiaries per the will or state law.