Which of These Accounts Is Closed to the Profit or Loss

question 60

Multiple Choice

Which of these accounts is closed to the profit or loss summary account?

• A) GST outlays
• B) Depreciation expense
• C) Owner's drawings
• D) Prepaid insurance

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Definitions:

Southern Farmers

Generally refers to agricultural workers and landowners in the Southern United States, historically dependent on crops like cotton and tobacco, and deeply affected by the Civil War and subsequent economic changes.

Hatch Act

A U.S. federal law enacted in 1939 that restricts the political activities of government employees in order to ensure the neutrality of the public service.

Agricultural Science

The study of the sciences related to the production of crops and livestock, and management of soil and water resources.

Agricultural Colleges

Institutions focused on teaching agricultural sciences, techniques, and management, often established under the Morrill Act of 1862.