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:

Workplace Conflict

Describes a disagreement, tension, or dispute in a work environment caused by differing opinions, personalities, or interests among employees or teams.

Positive Side Effect

An unintended but beneficial result of an action, process, or medication, often highlighting the serendipitous nature of some outcomes.

Creative

Characterized by originality and imagination, often in generating ideas or solving problems.

Racial Harassment

Any form of unwanted behavior, whether verbal or physical, that is based on race or ethnic origin, creating a hostile or offensive environment.