Which of the Following Is a Temporary Account

question 47

Multiple Choice

Which of the following is a temporary account?

• A) Retained Earnings
• B) Accounts Receivable
• C) Purchases Returns and Allowances
• D) Accumulated Depreciation

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Definitions:

Relevant

Information or data that is applicable to the current situation and is useful for decision-making purposes.

Neutral

A term indicating impartiality or lack of bias, often used in various contexts.

Monetary Unit Assumption

Accounting information should be measured and reported in the national monetary unit without any adjustments for changes in purchasing power.