Which of these accounts is closed to the profit or loss summary account?
A) GST outlays
B) Depreciation expense
C) Owner's drawings
D) Prepaid insurance

Question

Quizplus · Accepted Answer

Depreciation expense is a non-operating expense that is closed to the profit or loss summary account at the end of an accounting period. The other accounts listed (GST outlays, owner's drawings, prepaid insurance) are not closed to the profit or loss summary account.

Which of These Accounts Is Closed to the Profit or Loss