Which of the following accounts is not closed at the end of the reporting period?
A) Deferred inflows of resources.
B) Revenues.
C) Expenditures.
D) Other financing sources.

Question

Quizplus · Accepted Answer

Deferred inflows of resources are not closed at the end of the reporting period because they represent resources that have been received but not yet earned, and thus, they remain on the balance sheet until the obligations are met or the period to which they pertain passes.

Which of the Following Accounts Is Not Closed at the End