Which of the following accounts is not closed off at year-end?
A) Cost of goods sold
B) Amortisation expense
C) Interest revenue
D) Accounts receivable

Question

Quizplus · Accepted Answer

Accounts receivable is not closed off at year-end as it represents ongoing transactions and will continue to exist in the following year. Options A, B, and C are closed off at year-end as they represent expenses and revenue incurred during the current year.

Which of the Following Accounts Is Not Closed Off at Year-End