Which of the Following Accounts Will NOT Be Involved in Closing

question 119

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.

---

Definitions:

Primacy Effect

A cognitive bias that results in a person remembering information presented at the beginning of a list better than information in the middle or at the end.

Recency Effect

The tendency to remember the most recently presented items or experiences more efficiently than those presented earlier.

TOT Effect

The Tip of the Tongue phenomenon, a state where one cannot quite recall a familiar word but feels that retrieval is imminent.

Tip-Of-The-Tongue Phenomenon

A cognitive condition where a person is unable to recall a familiar word or name, experiencing a temporary block or lapse in memory.