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:

Nativism

The psychological theory that certain abilities or knowledge are innate and not acquired through learning or experience.

Learning Theory

A framework that describes how individuals absorb, process, and retain knowledge or skills through experience, study, or teaching.

Articles and Prepositions

Words used in language to specify grammatical relationships, with articles defining specificity (a, an, the) and prepositions indicating relationships in space and time (in, on, at).

Syntax

The set of rules, principles, and processes that govern the structure of sentences in a given language, especially in terms of word order and punctuation.