After closing off the accounts, which of the following accounts will not appear on the balance sheet?
A)Cash
B)Profit and loss
C)Capital
D)Equipment

Question

Quizplus · Accepted Answer

After closing off the accounts, the profit and loss account will have been used to calculate the net profit or loss for the period, which is then transferred to the capital account. Therefore, the profit and loss account will have a zero balance and will not appear on the balance sheet. However, Cash, Capital, and Equipment are all balance sheet accounts that will appear on the balance sheet.

After Closing Off the Accounts, Which of the Following Accounts