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.

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Definitions:

Competitive

Characterized by or showing a strong desire to be more successful than others.

Operating Procedures

Standardized methods and processes designed to consistently carry out day-to-day tasks and operations.

Management Programs

Structured plans and initiatives implemented within an organization to achieve specific operational, tactical, or strategic objectives.

Flexible Leadership Theory

A management perspective that suggests successful leaders are those who can adapt their style to the demands of different situations.