After Closing,the Only Accounts with Non-Zero Balances Are Assets,liabilities,and Equity

question 59

True/False

After closing,the only accounts with non-zero balances are assets,liabilities,and equity.

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Definitions:

Required Sales

The amount of sales a company needs to achieve in order to cover its costs and generate a desired level of profit.

Variable Costs

Expenses that change in proportion to the activity of a business, such as materials and labor costs.

Fixed Costs

Expenses that do not change with the level of goods or services produced over the short term, such as rent, salaries, and insurances.

Selling Price

The amount of money for which a product or service is sold to customers.