Question

Which of the following accounts is closed at the end of the accounting period?

A. Depreciation expense.
B. Accumulated depreciation.
C. Accounts payable.
D. Prepaid expense.

Answer 1

Prepaid expense is the account that is closed at the end of the accounting period.

Step-by-step explanation:

The account that is closed at the end of the accounting period is Prepaid expense. Prepaid expenses are assets that are paid in advance and are gradually used up or expire over time. At the end of the accounting period, the remaining prepaid expenses are transferred to an expense account and closed.