Accounts in Which the Balances Are Carried Over from One

question 22

Multiple Choice

Accounts in which the balances are carried over from one accounting period to the next are called:

• A) real accounts.
• B) nominal accounts.
• C) temporary accounts.
• D) zero accounts.

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Definitions:

Income

Money received, especially on a regular basis, for work or through investments.

Going Rate

Refers to the current average cost or pricing point for goods, services, or wages in a particular market or industry.

Oil Well

A drilled site where petroleum and natural gas are extracted from beneath the earth's surface.

Return

The profit or loss made on an investment over a certain period, often expressed as a percentage of the initial investment.