Which of the Following Accounts Is Considered a "Temporary" Account

question 98

Multiple Choice

Which of the following accounts is considered a "temporary" account?

• A)Inventory
• B)Common Stock
• C)Rent Expense
• D)Accounts Payable

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Definitions:

Assembly Department

A section within a manufacturing facility where components are assembled into final products or where significant assembly work is performed.

Total Overhead Applied

The total amount of overhead costs allocated to products or services based on a predetermined overhead rate.

Forming Department

A specific area or segment within a manufacturing facility where raw materials are transformed into intermediate or finished products through a series of processes.

Assembly Department

A segment of a manufacturing company where components are assembled into final products, often involving workers and machinery in a line or cell formation.