All the Accounts in an Accounting System Can Be Classified $\underline{\quad\quad}$

question 30

Short Answer

All 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.

$\underline{\quad\quad}$ 1. Temporary accounts.
$\underline{\quad\quad}$ 2. Not closed at the end of the accounting period.
$\underline{\quad\quad}$ 3. Permanent accounts.
$\underline{\quad\quad}$ 4. Closed at the end of the accounting period.

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