Which of the following accounts are closed at the end of an accounting period?

Related Mcqs:

Trial balance is prepared to check accuracy of_______________?

A. Ledger accounts balances B. Balance sheet balances C. Income statement balances D. Cash flow statement balances...

Transferring entries from journal to ledger account is commonly known as____________?

A. Recording B. Transferring C. Posting D. Entry making...

An account records the ___________ in the balance of an item?

A. Increase B. Decrease C. Increase or decrease D. Appreciation...

Which of the following is the normal balance of a rent expense account?

A. Credit balance B. Cash balance C. Overdraft D. Debit balance...

Revenue and expense accounts are referred as______________?

A. Nominal accounts B. Real account C. Cash accounts D. Banks account...