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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