Asked by Cassandra Ramirez on May 06, 2024
Verified
From the following list, identify accounts that will be closed at the end of the fiscal period.(a) Advertising Expense
(b) Cash
(c) Accounts Receivable
(d) Salaries Expense
(e) Cost of Goods Sold
(f) Dividends
(g) Accumulated Depreciation-Building
(h) Interest Expense
(i) Sales Tax Payable
Fiscal Period
A defined time period used for financial reporting and budgeting, typically a year, quarter, or month.
Accounts Receivable
Amounts owed to a company by customers for goods or services that have been delivered or used but not yet paid for.
Accumulated Depreciation-Building
The total amount of depreciation expenses that have been charged against a building asset over its useful life, reducing its book value.
- Identify and distinguish between permanent and temporary accounts in the accounting cycle.
- Understand the closing process of accounts at the end of a fiscal period.
Verified Answer
Learning Objectives
- Identify and distinguish between permanent and temporary accounts in the accounting cycle.
- Understand the closing process of accounts at the end of a fiscal period.
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