Which of the Following Is a Temporary Account

question 40

Multiple Choice

Which of the following is a temporary account?

• A)Unearned revenues
• B)Accumulated depreciation
• C)Dividends declared
• D)Wages payable

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Definitions:

Compounded Quarterly

Interest added to the principal of a deposit or loan so that the added interest also earns interest from then on. This compounding occurs four times a year.

Monthly Deposit

A fixed amount of money deposited into an account every month, often as a way to save or invest.

Savings Account

A bank account that earns interest over time, designed for storing money that is not intended for daily expenses.

Compounded Quarterly

A way of calculating interest where the interest is added to the principal balance four times a year, allowing the investment to grow at a faster rate due to the interest on interest effect.