Ask Question
BusinessBusiness
7 October, 23:47

Which of the following accounts will not be closed to the capital account at the end of the year? a. Insurance Expense b. Fees Earned c. Utilities Expense d. Prepaid Insurance

+1
Answers (2)
  1. 8 October, 00:51
    0
    Fees earned

    All other options are expenses, but only fees earned is about income.

    Explanation:

    Fees earned is a revenue based account which is feature in the revenue section of an income statement. It contains information about the amount of income accrued within a reporting period, it is the amount of money gotten from customers within a reporting period or a business year.
  2. 8 October, 03:37
    0
    d. Prepaid Insurance

    Explanation:

    At the end of the accounting year temporary accounts are closed to capital account.

    Temporary accounts include revenue accounts, expense accounts, gains and losses. These accounts now begin the new year with zero balances. They are used to determine profit or loss position at year end.

    Permanent accounts on the other hand are not closed, but balance is carried forward to next year.

    Prepaid insurance is a permanent account and is not closed at end of year.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Which of the following accounts will not be closed to the capital account at the end of the year? a. Insurance Expense b. Fees Earned c. ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Which type of business is most likely to use the cutting out the middleman business model?
Answers (1)
Which of the following is true about globalization? Group of answer choices Globalization has hindered interaction and interconnection between people from diverse cultures. Globalization has created greater equality and access to resources for all.
Answers (1)
An endorser who does not wish to be liable on an instrument can use a qualified endorsement. a. True b. False
Answers (1)
A Pigovian tax is A. a tax that creates deadweight loss. B. a tax that creates an externality. C. a tax to bring about an efficient level of output in the presence of externalities. D.
Answers (1)
Real gdp per person is $10000 in country A $20000 in country B and $30000 in country C. The saving rate increases by the same rate in all three countries. Other things equal, which country grows the fastest
Answers (1)
New Questions in Business
A firm has three different production facilities, all of which produce the same product ... While reviewing the firm's cost data, Jasmin, a manager, discovers that one of the plants has a higher average cost than the other plants and suggests
Answers (1)
Five jobs are waiting to be processed. Their processing times and due dates are given below. Using the shortestprocessing time dispatching rule, in which order should the jobs be processed?
Answers (1)
Acme Foods wants to make its chips saltier, but it doesn't want to spend more than it has to on salt. A sample of consumers are asked to compare its current chip (saltiness = 100) with saltier versions and to say whether the new version is saltier.
Answers (1)
Which of the following comparisons best isolates the impact of a change in activity on performance?
Answers (1)
If an investor anticipates an annual rental income from a leased property to be $400,000 dollars, this expected sum has a direct bearing on what the investor will pay for the property. This is an example of
Answers (1)
Home » Business » Which of the following accounts will not be closed to the capital account at the end of the year? a. Insurance Expense b. Fees Earned c. Utilities Expense d. Prepaid Insurance
Sign Up Forgot Password?