Which of the Following Statements Is Incorrect

question 150

Multiple Choice

Which of the following statements is incorrect?

• A) Temporary accounts carry a zero balance at the beginning of each accounting period.
• B) The closing process applies only to temporary accounts.
• C) Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.
• D) Permanent account is another name for nominal account.
• E) The Income Summary account is a temporary account.

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