Which of the following categories of accounts are temporary accounts that are closed at the end of the year?
A)assets,liabilities and Dividends
B)revenues,expenses and Dividends
C)assets,liabilities and Stockholders' Equity
D)revenues,expenses and Stockholders' Equity

Question

Quizplus · Accepted Answer

Revenues and expenses are temporary accounts that are closed at the end of the year to reset them to zero and prepare for the next accounting period. Dividends are also a temporary account, but they are not always closed at the end of the year, as they may continue to accumulate over time. Assets, liabilities, and stockholders' equity are all permanent accounts that carry over from year to year.

Which of the Following Categories of Accounts Are Temporary Accounts