Revenues, expenses, and withdrawals accounts, which are closed at the end of each accounting period are:
A) Real accounts.
B) Temporary accounts.
C) Closing accounts.
D) Permanent accounts.
E) Balance sheet accounts.

Question

Quizplus · Accepted Answer

Revenues, expenses, and withdrawals accounts are temporary accounts that are closed at the end of each accounting period to transfer the balances to the owner's equity account. Real and permanent accounts are not closed at the end of the accounting period, and balance sheet accounts include both temporary and permanent accounts. Closing accounts is not a recognized term in accounting.

Revenues, Expenses, and Withdrawals Accounts, Which Are Closed at the End