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:

Standard Scores

Standard scores are a type of score that have been transformed to fit a normal distribution, with a mean of zero and a standard deviation of one, allowing comparison across different tests or assessments.

Percentile

A statistical measure indicating the value below which a given percentage of observations in a group of observations fall.

Percentage

A portion in relation to the whole. A ratio between two dichotomous outcomes.

Scales of Measurement

Refers to the methods used to categorize and quantify variables in research, such as nominal, ordinal, interval, and ratio scales.