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1. Which of the following types of accounts is closed at the end of an accounting...

1. Which of the following types of accounts is closed at the end of an accounting cycle?

A) Dividends

B) Assets

C) Liabilities

D) Common Stock

2. Which of the following statements best describes the balance in a revenue account at the beginning of an accounting period?

A) Equal to the amount of retained earnings for the previous period

B) Last period's ending balance

C) Higher than the previous period’s beginning balance

D) Zero

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Answer #1

Question 1

Correct answer---------(A) Dividends

.

All temporary accounts are closed at the end of the period. Dividend is one of the temporary account which is closed to retained earning at the end of the accounting cycle.

Question 2

Correct answer---------D) Zero.

Revenue account is closed at the end of each period so the beginning balance in this account is always equal to zero.

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