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.

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