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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Definitions:

Birth Order

The chronological order of sibling births in a family, which is sometimes believed to influence personality and behavior.

Adler

Alfred Adler, an Austrian medical doctor and psychotherapist who is best known for introducing the concept of the "inferiority complex" and emphasizing the importance of feelings of inferiority in the personality development.

Superiority

The condition or quality of being superior or having a higher status, ability, or quality compared to others.

Humanistic Perspective

A psychological approach that emphasizes the study of the whole person and the inherent goodness and personal growth potential of individuals.