An account in which the balance is carried over from one accounting period to the next is called a:
A) permanent account.
B) nominal account.
C) temporary account.
D) zero account.
Correct Answer:
Verified
Q30: Which of the following columns of the
Q31: How do you close the expense accounts?
A)
Q32: The correct order for closing accounts is:
A)
Q33: When the balance of the Income Summary
Q34: After posting the closing entries, which of
Q36: Which of the following accounts would NOT
Q37: Which of the following accounts will be
Q38: To close the Fees Earned account:
A) debit
Q39: When the balance in the Income Summary
Q40: Closing entries will affect:
A) total assets.
B) Cash.
C)
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