Which accounts should not be closed?
A) Expenses and revenues.
B) Dividends.
C) Income summary.
D) Accumulated depreciation.

Question

Quizplus · Accepted Answer

Accumulated depreciation should not be closed because it is a contra-asset account that tracks the cumulative depreciation of an asset. It needs to be carried over to the next accounting period to continue to show the historical wear and tear on the fixed asset.

Which Accounts Should Not Be Closed