Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:Select one:a. Real accounts. b. Temporary accounts. c. Closing accounts. d. Permanent accounts. e. Balance sheet accounts.

Question

Business

Barney

6 October, 06:18

Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:Select one:a. Real accounts. b. Temporary accounts. c. Closing accounts. d. Permanent accounts. e. Balance sheet accounts.

+5

Answers (1)

Know the Answer?

Kiera · Answer 1

b. Temporary accounts

Explanation:

Temporary accounts such as revenue, expenses are closed at the end of each accounting period. The closing entries are used to transfer balances to permanent accounts such as retained earnings. This enables the temporary accounts to be brought to a zero balance at the start of the new accounting period.