Which one of the following accounts would not be closed at the end of the accounting year?
A)Utilities expense.
B)Sales revenue.
C)Prepaid rent expense.
D)Wages expense.

Question

Quizplus · Accepted Answer

Prepaid rent expense is an asset account and is not closed at the end of the accounting year, unlike expense and revenue accounts which are temporary and closed to prepare for the next period.

Which One of the Following Accounts Would Not Be Closed