Supplies Is a Temporary Account

question 64

True/False

Supplies is a temporary account.

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Definitions:

Balance Sheet

A financial report detailing a company's financial status at a particular moment, presenting assets, liabilities, and shareholders' equity.

Cash Dividends

The issuing of cash dividends from earnings to shareholders by a corporation.

Income Statement

A financial statement that shows a company’s revenue, expenses, and profit over a specific period.

Statement Of Retained Earnings

A financial report detailing the variations in retained earnings over a certain timeframe.