Which of the following are all temporary accounts?
A)liabilities, revenues, and expenses
B)revenues, expenses, and withdrawals
C)revenues, expenses, and capital
D)assets, revenues, and withdrawals

Question

Quizplus · Accepted Answer

Temporary accounts are those that are closed at the end of each accounting period to prepare the company for the next period. These include revenues, expenses, and withdrawals (or dividends for corporations), which are reset to zero through the closing process to measure each period's net income and withdrawals separately. Liabilities, capital, and assets are considered permanent accounts and are not closed at the end of the accounting period.

Which of the Following Are All Temporary Accounts