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Question
Which of the following account balances would be closed at year-end?
Which of the following account balances would be closed at year-end?
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Solution
The correct option is A Interest expense
Answer a. Interest expense
Explanation: Interest expense identifies with the expense of acquiring cash. It is the value that a moneylender charges a borrower for the utilisation of the lender’s cash. On the income statement, interest expenses can address the cost of getting cash from banks, other sources, and bond investors.
Interest expense
Answer a. Interest expense
Explanation: Interest expense identifies with the expense of acquiring cash. It is the value that a moneylender charges a borrower for the utilisation of the lender’s cash. On the income statement, interest expenses can address the cost of getting cash from banks, other sources, and bond investors.
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