Homework Answers
Since at the very beginnig of the fiscal year the net income is brought down to zero by transferring all the incomes to the retained earning and deducting all the expense from the retained earnings.
therefore the Service revenue account being of Income Nature will be closed at the beginning of the fiscal year
Interest expense account, being of other expenses nature will also be closed
further Salaries expenses are also fo Expenses nature therefore these will also be closed to determine the net income.
but the dividend account being of Equity Nature would not be closed at the beginning of the fiscal year, because it is neither of Income Nature nor of Expense Nature, it is a nature of Liability.
therefore the final answer is Point B i.e. Dividend (Equtiy) account will not be closed at the beginning of the fiscal year
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