Which of the following accounts are temporary accounts that must be closed at the end of the year?
A)Assets,liabilities and capital
B)Revenues,expenses and capital
C)Revenues,expenses and drawings
D)Assets,liabilities and drawings

Question

Quizplus · Accepted Answer

Temporary accounts, such as revenues, expenses, and drawings, are closed at the end of the accounting period to reset their balances to zero for the next period.

Which of the Following Accounts Are Temporary Accounts That Must