Match the terms with the definitions.
-A temporary account used in the closing process to summarize the effects of all revenue and expense accounts.
A)account form of balance sheet
B)accounting cycle
C)classified balance sheet
D)closing process
E)current assets
F)current liabilities
G)Income Summary
H)long-term liabilities
I)operating cycle
J)permanent accounts
K)post-closing trial balance
L)property, plant, and equipment
M)report form of balance sheet
N)temporary accounts

Question

Quizplus · Accepted Answer

The Income Summary account is a temporary account used during the closing process to summarize the effects of all revenue and expense accounts, facilitating the transfer of their balances to the Retained Earnings account.

Match the Terms with the Definitions