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:

Patterns

Repetitive designs, arrangements, or sequences in data, objects, or events often signifying a trend or structure.

Receptor Cells

Specialized cells designed to respond to specific stimuli in the environment, such as light, sound, or chemicals.

Color Vision

The ability of the eye and brain to perceive differences in wavelengths as distinct colors.

Fine Acuity

The ability to discern fine details and small objects, usually referring to visual perception.