Which of the Following Financial Statement Elements Is Closed at the End

question 8

Multiple Choice

Which of the following financial statement elements is closed at the end of an accounting cycle?

• A) Liabilities
• B) Equity
• C) Revenues
• D) Assets

---

Definitions:

Moral Dilemmas

are situations in which a decision must be made between two or more conflicting moral principles, leaving the decision-maker in a state of ethical uncertainty.

Organizations

Entities (such as businesses, governments, or charities) structured and managed to meet a collective goal or to provide a service to the community.

Social Person

An individual regarded in terms of their relationships and interactions within society, emphasizing the importance of social connections and behaviors.

Political Type

A categorization or description of an individual based on their political beliefs, actions, or affiliations.