Which one of the following accounts must be closed to zero at the end of the accounting period?
A) Asset
B) Liability
C) Revenue
D) Capital
Correct Answer:
Verified
Q53: Which of the following financial statements is
Q54: An income statement is the financial statement
Q55: Which of the following is NOT normally
Q56: A balance sheet shows:
A) the financial performance
Q57: The owner's equity of a company is
Q59: Briefly explain the purpose of general ledger
Q60: Outline the purpose of a chart of
Q61: Explain the use of subsidiary ledgers.
Q62: Describe the use and contents of a
Q63: Explain an accrued expense.
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