Income Statement Accounts Are Also Known as Which of the Following

question 116

Multiple Choice

Income statement accounts are also known as which of the following?

• A)Temporary accounts
• B)Real accounts
• C)Permanent accounts
• D)Asset accounts

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Definitions:

Income Change

A variation in the amount of earnings received by a person, household, or economic entity over a period.

Inferior Good

A good for which an increase in income reduces the quantity demanded

Good A

A placeholder term typically used in economic models to represent a generic item or service in the market.

Income Falls

A situation where an individual's or group's earnings decrease over a period of time.