Temporary accounts include all of the following except:
A)Consulting revenue.
B)Dividends.
C)Rent expense.
D)Prepaid rent.
E)Income Summary.

Question

Quizplus · Accepted Answer

Prepaid rent is a permanent account, not a temporary account. Temporary accounts are closed at the end of each accounting period to transfer their balances to the retained earnings account. Consulting revenue, dividends, rent expense, and income summary are all temporary accounts.

Temporary Accounts Include All of the Following Except