Which of the Following Statements Is Incorrect

question 94

Multiple Choice

Which of the following statements is incorrect?

• A) Permanent accounts is another name for nominal accounts.
• B) Temporary accounts carry a zero balance at the beginning of each accounting period.
• C) The Income Summary account is a temporary account.
• D) Real accounts remain open as long as the asset, liability, or equity items recorded in the accounts continue in existence.
• E) The closing process applies only to temporary accounts.

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Definitions:

Concrete Operational Thought

A stage in cognitive development, described by Piaget, where children aged 7-12 start to think logically about concrete events.

Sensorimotor Thought

refers to the stage in early childhood cognitive development where learning occurs through sensory experiences and manipulating objects.

Preoperational Thought

A stage in Piaget's theory of cognitive development where children from about 2 to 7 years old demonstrate symbolic thinking but not yet using cognitive operations like logic.

Metacognition

The awareness and understanding of one's own thought processes, often referred to as "thinking about thinking."