Which of These Accounts Should Be Closed to the Profit

question 15

Multiple Choice

Which of these accounts should be closed to the profit or loss summary account at the end of the financial period?

• A) Insurance payable
• B) Prepaid insurance
• C) Accumulated depreciation
• D) Depreciation

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Definitions:

Provide Structure

Establishing a clear and predictable framework or routine that helps individuals or groups operate effectively.

Provide Direction

The act of giving guidance, instructions, or orders to lead or guide someone towards a particular course of action or objective.

Give Feedback

The process of offering positive or constructive comments regarding someone's work or performance.

Eye Contact

The act of looking directly into another person's eyes, which can be a sign of confidence, interest, or social communication but may vary in interpretation across cultures.