All of the Accounts in an Accounting System Can Be

question 9

Short Answer

All of the accounts in an accounting system can be classified broadly as either:
A. Income statement accounts.
B. Statement of financial position accounts.
Below are listed some other classifications of accounts. You are to identify them with the above classifications by entering either A or B to the left of each.
1. Temporary accounts.
____ 2. Not closed at the end of the accounting period.
____ 3. Permanent accounts.
____ 4. Closed at the end of the accounting period.

---

Definitions:

Time-Driven

A term that refers to processes or methodologies that are controlled or measured based on time, such as time-driven activity-based costing.

Activity-Based Costing

An accounting method that assigns costs to products or services based on the activities they require, providing more accurate costing information.

Cost Analysis

This refers to the process and methods used to evaluate the costs associated with a project or a business operation in order to determine its feasibility or cost-efficiency.

Activity Rate

A measure used in activity-based costing to allocate overhead costs to products or services based on specific activities.