Which of the following accounts should be closed off to the profit or loss summary account at the end of the financial period?
A) Insurance expense
B) Sales income
C) Depreciation
D) All of these accounts.

Question

Quizplus · Accepted Answer

All of these accounts should be closed off to the profit or loss summary account at the end of the financial period. This is part of the accounting process known as closing entries, where all temporary accounts are closed off to the profit or loss summary account, which is then closed off to the retained earnings account.

Which of the Following Accounts Should Be Closed Off to the Profit