Revenue and Expense Accounts Often Are Called Temporary (Nominal) Accounts

question 20

True/False

Revenue and expense accounts often are called temporary (nominal) accounts because their balances are closed out at the end of the accounting year.

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Definitions:

Japanese Fuel-efficient Cars

Automobiles produced by Japanese manufacturers known for their high fuel efficiency and innovative engineering.

Consumer

A person or collective that buys products and services for private consumption.

Seller

An individual or entity that offers goods or services in exchange for financial compensation.

Tax

A binding financial duty or another sort of imposition inflicted upon a taxpayer by a governmental unit for financing government activities and numerous public allocations.