Which of the following financial statement elements is closed at the end of an accounting cycle?
A)Dividends
B)Common stock
C)Assets
D)Liabilities

Question

Quizplus · Accepted Answer

Dividends are closed at the end of the accounting cycle because they represent the distribution of profits to shareholders and are not carried forward to the next accounting period. Common stock, assets, and liabilities are not closed at the end of the accounting cycle as they are continuous accounts that carry forward into the next period.

Which of the Following Financial Statement Elements Is Closed at the End