Which of the Following Accounts Should Not Be Closed

question 65

Multiple Choice

Which of the following accounts should not be closed?

• A)Expenses and revenues.
• B)Dividends.
• C)Income summary.
• D)Accumulated depreciation.

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Definitions:

Income from Operations

The earnings generated from the day-to-day activities of a business, excluding income and expenses from non-operational sources.

Net Income

The net income of a company, which is calculated by deducting all expenses and taxes from the total revenue.

FOB Shipping Point

A shipping term indicating that the buyer assumes all costs and risks of loss or damage to the goods once they are shipped by the seller.

Ending Inventory

The total value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.