What Is Another Term for Income Statement Accounts

question 55

Multiple Choice

What is another term for income statement accounts?

• A) temporary accounts
• B) real accounts
• C) permanent accounts
• D) asset accounts

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Definitions:

Revoke

To officially withdraw, cancel, or annul a decision, permit, or law.

Testator's Signature

The signature of the individual who has made a will, which is necessary for its validity.

Joint Tenancy

A form of co-ownership where two or more individuals own property together with right of survivorship, meaning upon the death of one owner, the property automatically passes to the surviving owner(s).

Probate Process

The legal process through which a deceased person’s estate is validated and administered, involving the resolution of claims and distribution of the estate under a valid will or state law.