As with all income statement accounts,the expense accounts begin the year with
A)a total equal to the amount in accounts payable
B)a total equal to the budgeted estimated expenses for the year
C)the ending balance from prior year
D)a zero balance

Question

Quizplus · Accepted Answer

Expense accounts are reset to zero at the beginning of each fiscal year, as they are part of the income statement which measures the financial performance of a company over a specific period of time.

As with All Income Statement Accounts,the Expense Accounts Begin the Year