Which of the following financial statement elements is closed at the end of an accounting cycle?
A) Liabilities
B) Equity
C) Revenues
D) Assets

Question

Quizplus · Accepted Answer

Revenues are closed at the end of an accounting cycle to determine the net income or loss for the period. Liabilities, equity, and assets are not closed at the end of the accounting cycle, but rather carry forward to the next period.

Which of the Following Financial Statement Elements Is Closed at the End