Figure 1.2 Using the Figure Above, Identify the Labeled Part

question 184

Short Answer

Figure 1.2

Using the figure above, identify the labeled part.
-Label L: ______________________________

---

Definitions:

Permanent Accounts

Accounts in the general ledger that are not closed at the end of the accounting year, such as assets, liabilities, and equity accounts.

Temporary Accounts

Accounts used to track transactions within a specific accounting period, closed out at the end of the period, such as revenues, expenses, and dividends.

Income Tax Summary Report

A document that aggregates all relevant income tax information for an individual or business for a fiscal period.

Tax Line

A specific line on a tax form where particular income, deduction, or credit information is entered, affecting tax calculations.