The Salaries Expense account is a temporary account.

Question

Quizplus · Accepted Answer

Salaries Expense is a temporary account that is used to record the expenses incurred during a specific accounting period, typically a month or a year. At the end of the period, the balance in Salaries Expense is transferred to the Income Statement to determine net income for the period. Therefore, Salaries Expense is closed out at the end of the accounting period, making it a temporary account.

The Salaries Expense Account Is a Temporary Account