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

Question

Quizplus · Accepted Answer

Accounts receivable represents amounts owed by customers to the company and is not closed off at year-end. It is carried forward to the next accounting period as a current asset. Choices A, B, and C are all temporary accounts that are closed off at year-end and their balances are transferred to retained earnings or an income summary account.

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