Revenues and expenses are temporary accounts and are closed at the end of the accounting period.

Name: Revenues and expenses are temporary accounts and are closed at the end of the accounting period.
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Revenues and expenses are considered temporary accounts as they relate to a specific period and are closed at the end of that period to transfer the balance to the retained earnings account. This is done to start a new period with zero balances in these accounts.

Revenues and Expenses Are Temporary Accounts and Are Closed at the End