Which of the Following Statements Is Incorrect

question 44

Multiple Choice

Which of the following statements is incorrect?

• A)Permanent account is another name for nominal account.
• B)Temporary accounts carry a zero balance at the beginning of each accounting period.
• C)The Income Summary account is a temporary account.
• D)Real accounts remain open as long as the asset,liability,or equity items recorded in the accounts continue in existence.
• E)The closing process applies only to temporary accounts.

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Definitions:

Copyright

A grant from a governmental authority that provides the creator of intellectual property with ownership of it for a specified period of time, currently the life of the creator plus 70 years.

Open System

Refers to a computing system that provides an environment which supports applications and services that are interoperable and can be easily integrated into other systems.

OS

Short for Operating System, it is the software that manages hardware resources and provides common services for computer programs.

Input Technology

Refers to the devices or methods used to enter data into a computer system or other machine, such as keyboards, mice, and touch screens.