Which of the following account is not closed at the end of the accounting period

Q: What account is not closed at the end of an accounting period?

Permanent accounts are accounts that you dont close at the end of your accounting period. Instead of closing entries, you carry over your permanent account balances from period to period.

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What account is not closed at the end of an accounting period?
Which of the following accounts would not be closed at the end of an accounting period a expenses B dividends C revenue D capital stock?
Which accounts are closed at the end of the accounting period?
What accounts never close in accounting?

20. In its first year of operations Acme Corp. had income before tax of $400,000. Acme madeincome tax payments totaling $150,000 during the year and has an income tax rate of 40%. Whatis the balance in income tax payable at the end of the year?

21.Ocean Incorporated purchased all of the outstanding stock of Sea Star Company paying$950,000 cash. Ocean assumed all of the liabilities of Sea Star. Book values and fair values ofacquired assets and liabilities were:Book ValueFair ValueCurrent assets (net)$130,000$125,000Property, plant, equip.(net)600,000750,000Liabilities150,000175,000Ocean would record goodwill of:

22. Balos Corporation acquired land, buildings, and equipment from a bankrupt company at alump-sum price of $550,000. At the time of acquisition Balos paid $20,000 to its lawyer fornegotiating the purchase. The appraisal disclosed the following values:Land$320,000Buildings256,000Equipment64,000What cost should be assigned to the land, buildings, and equipment, respectively?A. $320,000, $256,000, and $64,000.B. $285,000, $228,000, and $57,000.C. $275,000, $220,000, and $55,000.D. $265,000, $212,000, and $53,000.

23. Montana Mining Co. (MMC) paid $200 million for the right to explore and extract rare metals

The temporary accountsget closed at the end of an accounting year. Temporary accounts include all of the income statement accounts (revenues, expenses, gains, losses), the sole proprietor's drawing account, the income summary account, and any other account that is used for keeping a tally of the current year amounts. Since the temporary accounts are closed at the end of each fiscal year, they will begin the new fiscal year with zero balances.

The accounts that do not get closed (their balances are carried forward to the next accounting year) are referred to as permanent accounts. The balance sheet accounts are permanent accounts.

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1.Patents
Intangible assets

2.Mortgage Payable (due in five years)
Long-term liabilities

3.Land
Property, plant, and equipment

4.Office Supplies
Current assets

5.Unearned Revenue
Current liabilities

6.Investments in stock of another company held long-term
Long-term investments

7.Accumulated Depreciation—Furniture
Property, plant, and equipment

by SIVA PESALA , Accounts Assistant , B R REDDY AND ASSOCIATES
6 years ago

CAPITAL STOCK WILL NOT BE CLOSED AT THE YEAR END

the correct answer is d.capital stock

by Anwar Ahemad Khan , Chief accountant Cum Office Incharge , Culligan Kuwait for Water Treatment Equipment WLL
6 years ago

D- Capital stock would not close at end of the accounting period

B) Dividend : is not closed at end of Accounting period. As this is assessed on the available Reserve fund & profit. In fact this is declared at the Annual General Meeting which is conducted by Share holders after closing the accounts. The financial statement & notes read in meeting to disclosed the changes in company

Capital stock accounts are not b ended at the end of an accounting period

by abdelaziz allam , محاسب اول , شركة كامبردج مصر للاستثمار التعليمي ش.م.م
6 years ago

Capital Stock...................

The correct answer is D - "Capital Stock"

D. Capital Stock All nominal accounts will be closed at the end of the accounting period. Income summary and revenue are nominal accounts; dividends are closed to RE. So the answer is capital stock which is a real account (reported in Stockholder's Equity)

C. Revenue ( The revenue account will not be closed at the end of an accounting period

by rawad talal , Accounting Manager , Sabbah pictures –FZ-LLC
6 years ago

b. Dividends WILL BE CLOSED AT THE NEX YEAR END

by Hossam Badawy , Senior A/R Accountant , Jarir Bookstore
6 years ago

capital stock not to be close

What account is not closed at the end of an accounting period?

Permanent accounts are accounts that you don't close at the end of your accounting period. Instead of closing entries, you carry over your permanent account balances from period to period.

Which of the following accounts would not be closed at the end of an accounting period a expenses B dividends C revenue D capital stock?

Answer and Explanation: The correct answer is d) Capital Stock. The capital stock is a real or permanent account, hence, it must not be closed at the end of the year.

Which accounts are closed at the end of the accounting period?

Temporary accounts include revenue, expenses, and dividends, and these accounts must be closed at the end of the accounting year.

What accounts never close in accounting?

Permanent accounts are never closed. Permanent accounts are those that keep continuous balances in them, even when the new year starts. All Asset Liability and equity accounts, except drawing, are permanent accounts and never get closed out.