Which of the following statements is incorrect?
A)Permanent account is another name for nominal account.
B)Temporary accounts carry a zero balance at the beginning of each accounting period.
C)The Income Summary account is a temporary account.
D)Real accounts remain open as long as the asset,liability,or equity items recorded in the accounts continue in existence.
E)The closing process applies only to temporary accounts.

Question

Quizplus · Accepted Answer

A permanent account is another name for a real account, while a nominal account is a temporary account.

Which of the Following Statements Is Incorrect