Which of the Following Statements Is Incorrect

question 55

Multiple Choice

Which of the following statements is incorrect?

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

Recognize how different transactions affect the recording of gains or losses on assets.

Understand the process for recording the disposal of fixed assets including the role of accumulated depreciation.

Distinguish between the accounting treatment of tangible and intangible assets, including amortization and research and development costs.

Identify the characteristics of fixed assets and understand how they are used within operations.

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Definitions:

Cognitive Impairment

A reduction in cognitive functions such as memory, decision-making, and attention, interfering with day-to-day activities.

Cyberbullying

The use of e-mail, texting, chat rooms, cell phones, or other digital devices to harass, threaten, or intimidate people.

Major Neurocognitive Disorder

A neurocognitive disorder in which the decline in cognitive functioning is substantial and interferes with the ability to be independent.

Mild Delirium

A lightly disturbed state of mind characterized by confusion, disordered speech, and hallucinations, typically of a temporary nature.