Revenues, Expenses, and Withdrawals Accounts, Which Are Closed at the End

question 54

Multiple Choice

Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:

• A) Real accounts.
• B) Temporary accounts.
• C) Closing accounts.
• D) Permanent accounts.
• E) Balance sheet accounts.

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Definitions:

Transactions

The act of conducting business or commercial dealings, such as buying, selling, or exchanging goods, services, or financial instruments.

Profits

The surplus remaining after total costs are deducted from total revenue, and an indicator of the financial health and success of a business.

Hydraulic Fracturing

A technique used in the oil and gas industry to increase extraction rates by injecting fluid into subterranean rocks to create fractures.

Fracking

A process of injecting liquid at high pressure into subterranean rocks, boreholes, etc., to force open existing fissures and extract oil or gas.