Because Income and Expenses Are Accumulated for Only One Year

question 1

Multiple Choice

Because income and expenses are accumulated for only one year they are known as:

• A) temporary accounts.
• B) permanent accounts.
• C) short-term accounts.
• D) yearly accounts.

---

Definitions:

Direct Approach

A straightforward method of communication or action, aiming for immediacy and clarity.

Positive Response

A positive response is a reply or reaction that reflects acceptance, agreement, or approval.

Tailored Closing

A customized concluding segment in a communication, often in a letter or email, designed to suit the particular recipient or situation.

Goodwill

An intangible asset reflecting the value of a business's reputation, brand, and customer relationships.