A Substance That Cannot Be Broken Down into a Simpler

question 51

Multiple Choice

A substance that cannot be broken down into a simpler substance by chemical means is a/an

• A)element.
• B)compound.
• C)molecule.
• D)nucleic acid.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense that has been recorded against the cost of a fixed asset, reducing its book value over time.

Permanent Account

An account that carries its ending balance over to the next accounting period, typically representing real accounts like assets, liabilities, and equity.

Closing Process

The steps taken at the end of an accounting period to prepare accounts for the next period, including zeroing out temporary accounts.

Closing the Books

Closing the books is an accounting process involving updating ledger accounts at the end of an accounting period to prepare financial statements.