Which of the following is a temporary account category?
A) Assets
B) Expenses
C) Liabilities
D) Common stock
E) None of the above

Question

Quizplus · Accepted Answer

Expenses are considered temporary accounts because they relate to a specific accounting period and are closed at the end of that period. Their balances are transferred to permanent accounts to prepare the company's books for the next period.

Which of the Following Is a Temporary Account Category