Which of the Following Accounts Is Not Closed

question 61

Multiple Choice

Which of the following accounts is not closed?

• A) Sales.
• B) Accounts Receivable.
• C) Depreciation Expense.
• D) Purchases.

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Definitions:

Comparative Balance Sheets

Comparative balance sheets display the financial position of a business at different points in time, facilitating the analysis of trends over time.

Year 1

Typically refers to the first year of operation for a business or the initial year in a time series analysis in accounting or finance contexts.

Investing Activities

This refers to the acquisition and disposal of long-term assets and other investments not included in cash equivalents.

Fixed Assets

Long-term tangible assets held for business use and not expected to be converted into cash in the upcoming fiscal year.