Which of the Following Accounts Would Not Be Closed to Income

question 35

Multiple Choice

Which of the following accounts would not be closed to Income Summary during the year-end closing process?

• A)Loss on Sale of Land
• B)Prepaid Rent
• C)Freight-In
• D)Sales Discounts

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Definitions:

Crustose

Crustose refers to a type of lichen that has a crust-like growth form, adhering closely to the substrate such as rocks or tree bark.

Fruticose

Pertaining to lichens that have a shrubby, branched structure.

Ascocarp

An ascocarp is the fruiting body of ascomycete fungi, which contains ascus or sacs where spores are produced.

Truffles

A type of highly valued edible underground mushroom that grows in mutual symbiosis with tree roots.