Which of the Following Accounts Are Temporary Accounts That Must

question 24

Multiple Choice

Which of the following accounts are temporary accounts that must be closed at the end of the year?

• A)Assets,liabilities and capital
• B)Revenues,expenses and capital
• C)Revenues,expenses and drawings
• D)Assets,liabilities and drawings

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Definitions:

Income Statement Columns

Columns in an income statement that categorize financial information such as revenues, expenses, and net income to convey a company's financial performance over a specific period.

Balance Sheet Columns

Columns in a balance sheet that categorize and display assets, liabilities, and equity balances at a specific point in time.

Net Income

The net income a business earns following the deduction of all costs, taxes, and expenses from its total revenue.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used as the basis for preparing financial statements.