Another name for income summary accounts is
A) Permanent accounts
B) Contra accounts
C) Accrued accounts
D) Balance column accounts
E) Temporary account

Question

Quizplus · Accepted Answer

Income summary accounts are temporary accounts because they are used only in the closing process to transfer balances from revenue and expense accounts to retained earnings (or owner's equity) account. Once the closing process is complete, income summary accounts have a zero balance and are no longer used.

Another Name for Income Summary Accounts Is