Because Income and Expense Accounts Are Reduced to Zero at the End

question 31

Short Answer

Because income and expense accounts are reduced to zero at the end of the year they are known as t ____________ accounts.

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Definitions:

Professional Profiles

Summaries or overviews of an individual's professional qualifications, achievements, and experiences, often featured on social media or networking platforms.

Capacity

The ability, power, or competence to undertake something or the maximum amount something can contain.

Repudiated

Refused to accept or be associated with; rejected or denied the validity or authority of something.

Contract

A lawful pact made between two or more parties, which can be upheld by legal means.